BITCOIN

Grayscale sees record low outflows, Bitcoin ETF trading volume hits new high, Bitcoin surges to $57K

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Grayscale sees record low outflows, Bitcoin ETF trading volume hits new high, Bitcoin surges to $57K

Bitcoin continues to surge, reaching a high of $57,073. According to analysis by Matrixport, Bitcoin has risen by 23% since the end of January, with 12% of that increase attributed to U.S. trading hours, indicating the impact of Bitcoin ETFs on BTC prices. Additionally, there was a decrease in outflows from Grayscale's GBTC yesterday, and Bitcoin ETF trading volume hit a new high, further validating this claim.

Bitcoin ETF Contributes to Over Half of BTC's Price Surge

Bitcoin suddenly surged from 51K to a high of 54,910 USD last night. According to analysis from Matrixport, Bitcoin has seen a 23% increase since the end of January, with 12% of that contributed by US trading hours, indicating the impact of Bitcoin ETF on BTC prices.

Bitcoin continued its upward trend this morning, reaching a high of 57,073 USD, with the latest reported price at 56,140 USD.

Bitcoin ETF Trading Volume Hits Record High

According to Bloomberg ETF analyst Eric Balchunas, the trading volume of nine Bitcoin spot ETFs hit a record high on 2/26, exceeding 2.4 billion USD, surpassing the volume on their first day of listing, with BlackRock's IBTC accounting for 1.3 billion USD.

Balchunas stated that the trading volume of IBIT ranks 11th among all ETFs, representing 0.3%, and 25th among stocks, which is a remarkable figure for a newcomer. He also noted that while trading volume is different from fund flows, having good liquidity can reduce friction and costs in the long run, which is why large institutions often prefer ETFs with high trading volumes.

GBTC Sees Record Low Outflows, Bitcoin ETFs Continue to Grow

According to Lookonchain data as of 2/26, Grayscale's GBTC decreased by 1,090 BTC, around 56.4 million USD. The other eight ETFs added 5,369 BTC, approximately 278 million USD, with BlackRock's IBTC adding 3,281 BTC, about 169.88 million USD.

Currently, including GBTC and nine other ETFs, there are 737,381 BTC held, and the outflows from Grayscale seem to be gradually decreasing.