Spot Bitcoin ETF Trading Hits $22B This Week
(MENAFN- eTrendy Stock)
Trading volume for US spot bitcoin (BTC) ETFs continues its upward momentum, notably with BlackRock's iShares ETF breaching the $1 billion mark in daily trading volume.
According to Bloomberg analyst Eric Balchunas's post on Mar. 2, there is a surge in trading volume for US spot BTC ETFs. Friday marked the third busiest trading day, closely behind Wednesday and Thursday.
So far this week, spot Bitcoin ETFs have been traded for $22 billion overall. The iShares Bitcoin ETF from BlackRock stands out because it trades more than $1 billion daily. This increase in trading activity has been accompanied by a notable increase in the value of BTC, which soared to $62,000, its highest level since November 2021.
BlackRock's $10 Billion Bitcoin ETF Success
According to Eric Balchunas, BlackRock's spot Bitcoin ETF now holds more than $10 billion in BTC, an essential factor for this success. This goal was met in only seven weeks since the ETF started trading. It is the fastest ETF ever to reach this goal.
Market experts stress the importance of the second Bitcoin ETF issuer hitting $10 billion. It is unclear who that may be or when this will happen.
On Jan. 10, the first BTC ETFs were approved for trading in the US. This was an important milestone forward for the cryptocurrency market and the crypto business as a whole.
Looking ahead, experts in the field are still optimistic about BTC's potential. They think the upcoming Bitcoin halving event will cause the price to increase even more.
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