Once again, Bitcoin ETF volume records have been shattered. According to reports, the amount is $7.6 billion, with BlackRock at the top. $2.2 billion of the $3.3 billion that IBIT reported was recorded up until 1 p.m. ET. The figures are accurate as of Wednesday night.
Grascale’s GBTC and Fidelity’s FBTC are the next in line. They had respective volumes of $1.8 billion and $1.4 billion. Regarding the Bitcoin ETF market as a whole, Wednesday’s figure has formally eclipsed the $4.6 billion peak recorded on the day of introduction. Senior ETF analyst at Bloomberg, Eric Balchunas, declared that IBIT has seen more trading than it had over the first two weeks, indicating that this formally signals the beginning of the Bitcoin ETF mania.
Eric went on to say that organic demand accounted for the majority of the volume. In other words, the demand was primarily natural and there was no algorithm at play. Balchunas warned, though, that significant platforms will need to move quickly if they haven’t already added the Bitcoin ETF to their roster.
That’s with rumors that Morgan Stanley would include ETFs on its brokerage platform shortly. It is still necessary for a Morgan Stanley official to respond to the reports. Thus, one awaits official word.
The formation of a parabolic structure on the graph by the token indicates a significant demand and volume for Bitcoin ETF. The value of Bitcoin has reportedly increased vertically over the last 24 to 48 hours, according to numerous observers. In fact, for a brief while, Bitcoin even crossed the $64,000 barrier. It has increased by 5.34% in the last day to be listed at $62,240.65.
Bitcoin’s ATH is about $69,000. The community anticipates that value will be surpassed by Bitcoin, most likely in April 2024, around the time of the Bitcoin halving. It might occur sooner because a lot of people predict significant volatility during the spike in Bitcoin’s value.
The anticipated effect of the Bitcoin halving on pricing is to cause volatility due to a decrease in the token supply. The procedure is scheduled to take place on April 19, 2024. It is said that the prior Halving raised the cost to $69,000. Both the rate of inflation and the proactive strategy might be beneficial for Bitcoin.
Outages on a number of significant sites, including but not limited to Coinbase and Coingecko, have resulted from the state of the market. Users reported being unable to perform crypto-related tasks including purchasing and selling, as well as having their balance column empty of any numbers.
Platforms will probably go back online when the volume of Bitcoin ETFs surges. The leaders of the race are BlackRock, Grayscale, and Fidelity, in that order. Though forecasts for future volumes are still pending, there is conjecture that Bitcoin ETFs will once more smash previous records by a significant amount.