Spot Bitcoin (BTC) ETFs have continued to draw curiosity from market members, having recorded two new all-time highs in buying and selling volumes over the previous two days amid the newest Bitcoin uptrend.
In line with 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 report excessive, having surpassed the earlier report of $6.15 billion by $1.49 billion. Curiously, the market witnessed the $6.15 billion excessive on Feb. 25, suggesting that the newest ATHs have been attained in two consecutive days.
The present uptick in commerce quantity 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 vital 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 restoration in Bitcoin’s value, 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 may largely be attributed to elevated FOMO surrounding BTC, as traders scramble to journey on the uptrend. As well as, amid the surge, 97% of BTC holders are actually seeing earnings 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 report 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 just lately breached the pivotal $59,000 within the push to reclaim the earlier ATH of $68K. The crypto asset at present adjustments palms for $59,320, with its eyes at present set on conquering the $60,000 value level amid the huge demand.