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'Ridiculous numbers': Bitcoin ETFs explode
Almost a month and a half has passed since Spot Bitcoin ETF (BTC) was approved in the United States. Yesterday, February 27, these financial instruments set records in terms of trading volume. But today, that mark has been crossed, which is all the more remarkable considering that the trading day on Wall Street is not over at press time.
For Balchunas, what's happening with ETFs is Bitcoin "officially crazy." Among the top 20 assets traded on US exchanges, there are 4 Bitcoin ETFs, including the fourth most traded IBIT (from BlackRock).
The expert admitted that he is obsessed with the topic, explaining:
"I know my reporting is relentless and may bother some people, but the numbers are ridiculous and very rare here...... It's like asking scientists not to enjoy something like Comet Haley.
Eric Balchunas, Investment Fund Specialist.
A peculiarity of Spot ETFs (as opposed to futures ETFs) is that they are backed by the underlying asset (in this case, Bitcoin), as described in Cryptopedia (the education section of CriptoNoticias). This means that Bitcoin ETF issuer must hoard BTC, and for that, they must buy it.
This can be considered as the main bullish driver of Digital Cash at the moment. In the face of strong, sustained demand, as well as limited and scarce supply, BTC prices have risen.
Today, Feb. 28, Bitcoin is close to reaching an all-time high, after hitting the 64,000 mark USD just minutes ago.
Bitcoin ETF futures also benefit
As a side effect, Bitcoin ETF futures are benefiting. Three hours before the end of the trading day, ETFs with the ticker BITX broke trading volume records.
"A total of nine Bitcoin (futures) ETFs are among the 100 most active, totaling USD 6.7 billion," Balchunas said. For comparison, Apple has traded USD 4.5 billion.
Source: Cryptonews