U.S. bitcoin exchangeSince their launch three months ago, the trading volume of exchange-traded fund (ETF) has exceeded $200 billion.
JUST IN: 🇺🇸 US #Bitcoin The trading volume for spot ETFs exceeded $200 billion in just 3 months.
Asia next 🚀 pic.twitter.com/VxQdQJEIjN
— Bitcoin Magazine (@BitcoinMagazine) April 10, 2024
The Block reports that on Tuesday, total volumes for SEC-approved funds exceeded $200 billion. After the spot bitcoin ETFs, this is what happened. a record monthly volume of $111 billion In March, the amount of money spent on clothing is triple what it was in February.
ETFs launched in January 2011 when Bitcoin was around $45,000. Since then bitcoin’s price has reached an all-time record high, above $73,000. The interest and trading activities have been boosted.
BlackRock IBIT is the leader in terms of volume, with over 265,000 Bitcoins valued at more than 18 billion dollars. IBIT represents nearly half of total spot ETF volumes. Grayscale’s GBTC is second in the market, followed by Fidelity FBTC.
Hong Kong and other markets have been inspired by the U.S. success with spot bitcoin ETFs. There are expectations that regulators will approve the first spot bitcoin ETFs This month in Asia, there could be more volumes.
ETF providers point to a surge in institutional demand for Bitcoin exposure regulated. These funds are a simple way for professional and retail investors to get exposure to bitcoin prices.
Bitcoin’s growth is evident in the $200 billion cumulative volume since last year, when ETFs were a distant hope.
As bitcoin evolves, mainstream finance will continue to adopt the ETFs.
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Source: bitcoinmagazine.com