Spot Bitcoin (BTC) ETFs have continued to draw curiosity from market contributors, having recorded two new all-time highs in buying and selling volumes over the previous two days amid the most recent Bitcoin uptrend.
Based on Santiment, the mixed buying and selling quantity for the seven largest spot Bitcoin ETFs stood at $7.64 billion as of Feb. 26.
This determine represents the present file excessive, having surpassed the earlier file of $6.15 billion by $1.49 billion. Curiously, the market witnessed the $6.15 billion excessive on Feb. 25, suggesting that the most recent ATHs have been attained in two consecutive days.
The present uptick in commerce volume comes after a interval of sustained downtrend on this metric since a $4.52 excessive on Feb. 19. Notably, quantity noticed three consecutive days of persistent declines, collapsing to a one-week low of $1.64 billion on Feb. 22.
Inside this era, BTC noticed important bearish strain, which contributed to the lowered curiosity in spot Bitcoin ETFs. The asset skilled three straight intraday losses from Feb. 20 to 22, dropping by practically 3% to the decrease spectrum of the $50K threshold.
BTC uptrend rekindles curiosity in spot Bitcoin ETFs
The recovery in Bitcoin’s worth, which started over the weekend, has now rekindled market curiosity in spot Bitcoin ETF merchandise. As Bitcoin surged previous $54,000 on Monday, coinciding with a brand new week of buying and selling exercise, these spot Bitcoin ETFs have seen a rejuvenation of quantity.
Santiment notes that this renewal of curiosity might largely be attributed to elevated FOMO surrounding BTC, as traders scramble to experience on the uptrend. As well as, amid the surge, 97% of BTC holders are actually seeing income on their holdings, leading to large profit-taking trades.
Per information from Santiment, Constancy Investments’ Constancy Clever Origin Fund (FBTC) and BlackRock’s iShares Bitcoin Belief (IBIT) have stood out among the many seven largest Bitcoin ETFs. Impressively, FBTC noticed a file quantity of $4.28 billion on Feb. 26, whereas IBIT witnessed a brand new excessive of $1.25 billion on the identical day.
In the meantime, Bitcoin not too long ago breached the pivotal $59,000 within the push to reclaim the earlier ATH of $68K. The crypto asset at present modifications fingers for $59,320, with its eyes at present set on conquering the $60,000 worth level amid the huge demand.