With the price of Bitcoin hitting the $67,000 level, transaction volumes of Bitcoin ETFs reached the highest level in the last seven weeks. These ETFs, which have returned to levels not seen since late March, are trading in daily volume of approximately $6 billion.
What are the factors affecting the rise?
The fact that Bitcoin is among the new institutional investment products stands out as an important factor. Nearly 1,000 companies in the US have invested in Bitcoin ETFs. According to research firm Santiment, daily spot Bitcoin volumes have exceeded $5 billion. The total volume of seven Bitcoin ETFs reached $5.65 billion in one day.
According to Santiment's statements, a volume of $5.65 billion was seen among the seven largest spot ETFs in the USA. This increase was interpreted as "the days of whales only collecting on chains are over." This shows that Bitcoin is becoming more accepted by institutional investors.
Increase is Positive for Bitcoin and the Market
Hedge fund manager Thomas Kralow stated that this increase is a positive sign for the market. As the increase in spot ETFs continued throughout May, positive inflows were experienced every day. However, some institutions, such as Grayscale Bitcoin Trust, have received limited attention. Grayscale Bitcoin Trust (GBTC) experienced limited interest of $27 million and $4.6 million on May 16 and 17, respectively.
Institutional Acceptance Is Increasing
It seems that 937 US companies turned to Bitcoin ETFs in the first quarter. This figure is considerably higher than the number of companies that attracted interest in the launch of gold ETFs. It is observed that the cryptocurrency BTC exceeds the support of $ 65 thousand and recovers with purchases from this level. Trading firm QCP Capital says there is real institutional and sovereign acceptance behind this move.
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