Crypto News

Bitcoin ETF Trading Volume Surges Amidst Price Rally

In a resurgence of activity, Bitcoin’s ETF trading volume has soared in mid-February, surpassing $1.8 billion per day across the seven most prominent ETFs: GBTC, IBIT, FBTC, ARKB, BTCO, BITB, and HODL. 

This surge in trading volume coincided with Bitcoin’s breach of the $50,000 mark earlier this week, signaling a renewed wave of investor support through these ETF channels.

A notable shift has occurred in the distribution of Bitcoin supply among different wallet sizes. Wallets holding between 1,000 and 10,000 BTC have witnessed an influx of $12.95 billion in 2024, while wallets containing 100 to 1,000 BTC have seen a decrease of $7.89 billion during the same period. 

This net difference suggests an estimated accumulation of approximately $5.06 billion in Bitcoin by mid-tier wallets associated with active whales so far this year.

Furthermore, the past five days have witnessed a surge in transactions exceeding $100,000 in value, marking the highest level since June 2022. The renewed interest from key stakeholders follows Bitcoin’s price surge above $50,000, indicating growing confidence and participation in the market.

Bitcoin Halving Draws Nearer, Network Hashrate Doubles

As the Bitcoin halving event draws nearer, the network hashrate has nearly doubled over the past 12 months, climbing from 303 EH/s to 564 EH/s as of today. 

This increase underscores the growing strength and security of the Bitcoin network amidst heightened activity and interest.

In the latest update on February 16, eight ETFs collectively added 13,460 BTC (equivalent to $701.8 million), while Grayscale recorded a decrease of 2,555 BTC ($133 million). 

Notably, iShares (Blackrock) added 6,380 BTC ($332.7 million), and Fidelity contributed 3,228 BTC ($168 million) to their respective ETF holdings.

The resurgence in Bitcoin ETF trading volume, coupled with shifts in wallet distribution and increasing network hashrate, reflects the evolving dynamics and growing confidence in Bitcoin’s ecosystem amidst ongoing market developments.

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

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