Bitcoin ETF volumes hit a 7-week high as BTC price nears $67,000
Bitcoin (BTC) is seeing a “surge” among its new institutional investment products – nearly 1,000 US companies have bought Bitcoin exchange-traded funds (ETFs).
Data from Coin uploaded to X on May 16 showed that daily Bitcoin volume exceeded $5 billion.
One day, seven Bitcoin ETFs, amounting to $5.65 billion
Bitcoin ETFs have seen underperformance since BTC/USD hit an all-time high of $73,800.
According to Santiment, this week saw the seven largest U.S. spot ETFs manage $5.65 billion in volume between them — the most since March 24.
“Gone are the days when whales can only be stocked on-chain,” Santiment said in his comments, describing it as “picking up big steam.”
In response, hedge fund manager Thomas Cralow was equally bullish.
“This increase in trading activity is a very positive indicator for the market!” He told X followers about the information.
As May continues, the spot ETF has enjoyed a return to form this week with positive returns every day since May 17.
Even Grayscale Bitcoin Trust (GBTC), known for its high flows in the past, saw modest interest, totaling $27 million and $4.6 million for May 16 and 17, respectively, according to data from UK investment firm Farside.
Additionally, Form 13F filings now show that in Q1, 937 US companies had exposure to Bitcoin ETFs. By contrast, in the first quarter following their own operations, the gold ETF attracted only 95 companies.
BTC price action “clearly” forms the $60K support
Considering where BTC's price action could be headed from here, trading firm QCP Capital sees several factors to trigger a bullish trend.
Related: Vanguard's new boss says Bitcoin ETF is off the table: Report
In a recent update sent to Telegram channel subscribers, QCP announced “genuine institutional and sovereign adoption” as Bitcoin has now reached its half-term.
“Every time Bitcoin got below 60k, we had several sharp V-shaped recoveries, making it a clear buy zone,” he summarized.
Earlier, Cointelegraph reported that bullishness is increasing on BTC/USD, calling for new highs and even $95,000 coming next.
Data from Cointelegraph Markets Pro and TradingView have the pair trying to build resistance near $67,000 as of press time, which it hit a new May high a day ago.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
