Spot Bitcoin ETFs Set Trading Volume Record Amidst BTC Price Peak
The U.S. spot bitcoin (BTC) exchange-traded fund (ETF) hit $10 billion in trading volume on March 5, with bitcoin hitting record highs before falling 12 percent over the next five hours.
“These are banana numbers in ETFs. [two months] Bloomberg ETF analyst Eric Balchunas He reported the figures in a March 5 X post.
Bitcoin analyst Alessandro Ottaviani put the lowest trading volume for the currency at $9.58 billion – still beating the record of $7.7 billion set on February 28.
BlackRock's iShares Bitcoin ETF (IBIT) saw the highest volume at $3.7 billion, while the Grayscale Bitcoin Trust (GBTC) and the Fidelity Wise Origin Bitcoin Fund (FBTC) saw $2.8 billion and $2 billion, respectively, according to Ottaviani's figures.
Bitcoin saw significant price volatility during the US trading day, hitting a new all-time high of $69,200 at 3:00 PM UTC on March 5, before falling 12% to a low of $60,860 five hours later, CoinGecko reported.
At the time of writing, Bitcoin has partially recovered to $63,350
IBIT and FBTC both fell around 8.6% on the day, while elsewhere Bitcoin ETFs recorded similar declines, according to Google Finance.
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In the year In a March 5 X Post, eponymous analyst Bit Payne joked that price volatility is a “monthly ritual during bull markets” for those new to Bitcoin via ETFs to avoid “disruptive crashes.”
“You're not used to this. In your markets, the government intervened to stop business [and] If your boomer stocks fall more than 10% in a day, you're guaranteed.”
“You have a point,” Balchunas replied. We have restricted laws and federations to protect us from this sort of thing.
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