Bitcoin continues to surge, reaching a high of $57,073. According to analysis from Matrixport, Bitcoin has seen a 23% increase since the end of January, with 12% of that increase attributed to US trading hours. This also signifies the impact of Bitcoin ETFs on the price of BTC. Additionally, there was a decrease in net outflows from Grayscale’s GBTC and a record-high trading volume for Bitcoin ETFs, further affirming this notion.
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Bitcoin ETF contributes to over half of BTC’s surge
Record-high trading volume for Bitcoin ETFs
Decrease in net outflows from GBTC, Bitcoin ETFs continue to grow
Bitcoin experienced a sudden surge last night, rising rapidly from $51K to a high of $54,910. According to analysis from Matrixport, Bitcoin has seen a 23% increase since the end of January, with 12% of that increase attributed to US trading hours. This also signifies the impact of Bitcoin ETFs on the price of BTC.
Bitcoin continues to rise this morning, reaching a high of $57,073. At the time of writing, it was reported at $56,140.
According to Bloomberg’s ETF analyst, Eric Balchunas, the trading volume for nine Bitcoin spot ETFs reached a record high of over $2.4 billion on February 26, surpassing the volume on their first day of listing. Among them, iShares’ IBTC accounted for $1.3 billion.
Balchunas stated that IBTC’s trading volume ranks 11th among all ETFs (top 0.3%) and 25th among stocks, which is an extraordinary figure for a newcomer. He also mentioned that while trading volume is different from fund flows, in the long run, having good liquidity can reduce friction and costs, which is why large institutions often choose ETFs with high trading volume.
According to data from Lookonchain, as of February 26, Grayscale’s GBTC decreased by 1,090 BTC (approximately $56.4 million). The other eight ETFs saw an increase of 5,369 BTC (approximately $278 million), with iShares’ IBTC accounting for an increase of 3,281 BTC (approximately $169.88 million).
Currently, including GBTC and the other nine ETFs, a total of 737,381 BTC is held, and the net outflows from Grayscale seem to be gradually decreasing.
BTC
Bitcoin ETF
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