Bitcoin ETFs touch $7.6 billion in volume

Bitcoin ETFs have shattered volume records once again. The reported number stands at $7.6 billion, with BlackRock leading the way. IBIT recorded a total of $3.3 billion, out of which $2.2 billion was recorded until 1 p.m. ET. The numbers are true as of the end of Wednesday.

Next in line are Grascale’s GBTC and Fidelity’s FBTC. Their volumes were $1.8 billion and $1.4 billion, respectively. As for the entire Bitcoin ETF sphere, Wednesday’s number has officially surpassed the previous high of $4.6 billion, which was seen on the day of the launch. Eric Balchunas, a senior ETF analyst at Bloomberg, said it officially marks the craze for Bitcoin ETFs, adding that IBIT traded more than it did in the first two weeks.

Eric further stated that most of the volume came from organic demand. Meaning, there was no algorithm involved, and the demand was mostly natural. However, Balchunas also said that major platforms that have not added Bitcoin ETF to their list will have to expedite.

That is in reference to reports claiming that Morgan Stanley may soon add ETFs to its brokerage platform. An official representative from Morgan Stanley still needs to comment on the reports. Hence, an official word is awaited.

A high demand and volume of Bitcoin ETF come when the token forms a parabolic structure on the graph. Many analysts have said there has been a vertical rise in the value of BTC in the last 24-48 hours. As a matter of fact, BTC even surpassed the milestone of $64,000 for a few moments. It is currently listed at $62,240.65, with a surge of 5.34% in the last 24 hours.

An ATH of BTC is ~$69,000. The community expects Bitcoin to overpower that value, probably around the time of Bitcoin Halving, that is, in April 2024. It could happen sooner since many anticipate heavy volatility amid the surge in the value of BTC.

Bitcoin halving is expected to impact prices by upsetting the value with a reduced supply of tokens. Tentatively, the process will happen on April 19, 2024. The previous Halving is credited with taking the price to $69,000. The inflation rate and the forward-looking approach could also work for Bitcoin.

The market’s current condition has led to outages on several major platforms, including, but not limited to, Coinbase and Coingecko. Users reported seeing their balance column without any number and also being unable to execute crypto-related activities like buying and selling.

Platforms will likely be back live as Bitcoin ETF volume soars. BlackRock is leading the race, followed by Grayscale and Fidelity, respectively. While estimates of upcoming volumes have yet to be reported, speculation is that Bitcoin ETFs will again shatter records by a huge margin.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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