BTC Spot ETF Trading Volume Hits Multi-Week High
The daily trading volume for U.S.-based spot bitcoin exchange-traded funds has reached its highest level since mid-January, reaching a multi-week high of $2.58 billion.
BlackRock’s iShares Bitcoin BTC ETF (IBIT) recorded the highest volume at $623.89 million, while Grayscale’s converted GBTC fund in second place at $619.76 million. A
Glassnode market report suggests a bull market in the digital asset space is arguably in play, with multiple indicators emerging after the approval of several spot bitcoin ETFs.
Glassnode’s Altcoin Indicator indicates a reinvigorated momentum in altcoin markets since February. However, the report acknowledges that historically, capital moves down the risk curve into altcoins at a slower pace compared to the rotation between the two major cryptocurrencies.
Major altcoin performance in the past 24 hours has been mixed, with BNB increasing by 1.84% but Solana and Cardano both declining by almost 7%.
(With inputs from Shikha Singh)
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