Bitcoin ETFs continue to be the driving force behind all the trading activity that’s taking place in and around BTC. On Tuesday, February 20, Bloomberg Intelligence’s senior ETF strategist Eric Balchunas stated that the nine Bitcoin ETFs have registered the biggest single-day trading volume ever since the launch.
Bitcoin ETFs See Massive Trading Volumes
In his post on the X platform, Bloomberg ETF strategist Eric Balchunas said that the combined trading volume reached approximately $2 billion, fueled by notable contributions from $HODL, $BTCW, and $BITB, all of which shattered their previous volume records.
Balchunas underscores the magnitude of this achievement by providing context: the $2 billion trading volume places The Nine ETFs in the realm of the top 10 among ETFs and the top 20 among individual stocks in terms of trading activity.
VanEck’s spot Bitcoin ETF has seen an impressive surge, with its trading volume surpassing $300 million, a significant leap compared to its previous best trading day. Data from Yahoo Finance indicates that the ETF achieved its highest daily trading volume of $25.5 million on its launch day, January 11th.
On the other hand, Bitcoin maverick and MicroStrategy chief Michael Saylor emphasized his commitment to holding onto MicroStrategy’s Bitcoin in the near future. He pointed out the substantial influx of capital from traditional systems into digital platforms through Bitcoin ETFs, highlighting Bitcoin’s increasing value compared to assets like gold, real estate, and the S&P Index.
Apart from Michael Saylor, other market analysts also believe that Wall Street is trying to corner the Bitcoin market.
Blackrock is starting to take creation orders before the 5pm deadline. BTC demand is rock solid. This is not a drill. Wall Street is literally trying to corner the Bitcoin market. If you are short Bitcoin or not holding enough, your window of opportunity is closing. Don’t F it up
— Mike Alfred (@mikealfred) February 20, 2024
Whales Continue With Strong Accumulation
CryptoQuant CEO Ki Young Ju, reported that earlier this week on Monday, February 19, the Bitcoin whale accumulation addresses received a net inflow of 25,300 BTC in just one day, marking a record-breaking surge. Accumulation addresses are typically those with specific criteria, including no outgoing transactions, a balance exceeding 10 BTC, exclusion of certain address types, and recent activity within the past 7 years.
Amid all these developments surrounding Bitcoin ETFs, the Bitcoin price remains steady at around $52,000 keeping investors waiting for the next move. Any directional move outside the range of $51,700 and $52,515 would give a clear indication of where is the BTC price heading.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
