The U.S. Bitcoin spot ETFs witnessed a staggering total trading volume of almost $10 billion within a span of three days, according to insights from Bloomberg analyst James Seyffart.

Grayscale GBTC led the charts with a three-day trading volume of $5.174 billion, followed by BlackRock’s IBIT at $1.997 billion and FBTC at $1.479 billion, resulting in a cumulative $9.771 billion.

Bloomberg analyst James Seyffart said that the total trading volume of U.S. Bitcoin spot ETFs within three days was close to $10 billion, of which Grayscale GBTC’s three-day trading volume reached $5.174 billion, BlackRock’s IBIT $1.997 billion, and FBTC $1.479 billion, with a… pic.twitter.com/CeKTcCpdcQ

— Wu Blockchain (@WuBlockchain) January 17, 2024

Market Intelligence Platform, Santiment, reported a significant milestone in Bitcoin transactions for 2024. A colossal transaction valued at $665.3 million occurred recently, marking the most substantial Bitcoin transaction this year. 

The largest #Bitcoin transaction thus far in 2024, worth $665.3M, occurred ~6 hours ago. Between 3pm and 4pm UTC, this transaction contributed to a total of 42,870 $BTC moved in 1 hour, the highest level of hourly movement in nearly 6 months. https://t.co/LigU0fVgYm pic.twitter.com/m2YPbgy7EG

— Santiment (@santimentfeed) January 16, 2024

More Notable BTC Movement And Grayscale Deposits

During a specific hour between 3 pm and 4 pm UTC, a total of 42,870 $BTC was transacted, representing the highest hourly movement in nearly six months (since July 27th, 2023). The primary destination for the majority of these Bitcoins was traced to the address “12xxqWpqZZ3pdN1CMcudk18DkHHw774vND.”

While Bitcoin experienced heightened transaction activity, a new report surfaced involving Grayscale. It revealed that Grayscale Bitcoin Trust wallets deposited 9,000 $BTC ($385.11 million) into Coinbase Prime. This comes on the heels of a previous report stating that four wallets linked to Grayscale Bitcoin Trust had transferred 4,000 $BTC to Coinbase Prime just four days ago.

It seems that #Grayscale #Bitcoin Trust wallets deposited 9K $BTC($385.11M) to #CoinbasePrime again 1 hour ago.https://t.co/SxhLpi2DyYhttps://t.co/rknEdcvKSI pic.twitter.com/XMSQiJ2Vse

— Lookonchain (@lookonchain) January 16, 2024

In response to these developments, the current price of Bitcoin hovers around the break-even point, trading at $42,785. The notable trading volumes and transactions underscore the dynamic nature of the cryptocurrency market, with institutional players like Grayscale significantly influencing market movements.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

---

Filed under: Bitcoin - @ January 17, 2024 10:17 pm