Crypto News

Bitcoin Spot ETFs Garner Nearly $10 Billion In Three Days; Grayscale Dominates Trading Volume

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.

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. 

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.

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.

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Image Source: sinenkiy/123RF // Image Effects by Colorcinch

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