$BTC US market hours dominate Bitcoin trading and reach record high

According to Bloomberg, Bitcoin trading during US market hours has reached a record high, accounting for 46% of this year's cumulative volume through April. This data comes from a study conducted by Kaiko Research, a cryptocurrency research firm. The study suggests that the increase in trading participation could be associated with the launch of spot Bitcoin exchange-traded funds (ETFs) in January. Volume has seen an increase near the start and end of US trading hours.

Kaiko Research notes that ETFs calculate their net asset values ​​each business day at the close of U.S. stock exchanges, which improves price discovery and arbitrage trading. Thursdays have been identified as the day with the highest trading participation during these hours, with almost 15% of the accumulated daily volume. Since launching four months ago, ETFs have attracted nearly $13 billion in net inflows, making them one of the most successful product category debuts in industry history.

However, demand has slowed recently, and only a net $925 million entered the funds in May. The cryptocurrency market is currently focused on the prospects of US regulators approving or rejecting ETFs that invest directly in Ether, the second-largest cryptocurrency. A decision from the Securities and Exchange Commission on at least one Ether spot ETF application is expected by May 23.

While Bitcoin trading volume during US trading hours has mostly recovered to 2022 levels, volume during Asian trading hours remains significantly lower.