Bitcoin ETFs Trading Volume Witnesses Surge as BTC Price Holds Strong
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Form 13F filings also reveal that 937 US corporations were exposed to BTC ETFs in Q1. Daily spot Bitcoin volumes surpassed $5 billion on May 16. Nearly 1,000 U.S. corporations have purchased Bitcoin exchange-traded funds (ETFs), contributing to Bitcoin’s surge in volumes among its new institutional investment products. Daily spot Bitcoin volumes surpassed $5 billion, according to data published to X on May 16 by research company Santiment. Since Bitcoin reached a record high of $73,800, performance from Bitcoin ETFs has been non-existent. Substantial Comeback According to Santiment, the seven biggest U.S. spot ETFs handled $5.65 billion in volume this week, which is the most volume since March 24. As May progresses, the spot ETFs have been doing well, with positive inflows recorded daily this week as of May 17th. Despite its reputation for large outflows, the Grayscale Bitcoin Trust (GBTC) attracted modest inflows of $27 million on May 16 and $4.6 million on May 17, according to data from Farside. Form 13F filings also reveal that 937 US corporations were exposed to Bitcoin ETFs in Q1. A mere 95 companies were interested in gold ETF in the first quarter after its inception, in comparison. When looking at the future of the Bitcoin price, the trading company QCP Capital saw a number of things coming together to cause positive continuation. According to recent regulatory filings, a number of institutions, including Millennium Management LLC and other asset managers, purchased shares in the newly established U.S. ETFs linked to the bitcoin price during the first quarter. As of March 31, the New York-based firm Millenium said that it has invested $2 billion across many new exchange-traded funds. Highlighted Crypto News Today: Hong Kong announces the Launch of e-CNY Wallet for Local Users Source: https://thenewscrypto.com/bitcoin-etfs-trading-volume-witnesses-surge-as-btc-price-holds-strong/
Filed under: News - @ May 18, 2024 2:16 am