BITCOIN

Bitcoin hits $73,000, spot ETF records second-highest trading volume, holding 800,000 bitcoins

share
Bitcoin hits $73,000, spot ETF records second-highest trading volume, holding 800,000 bitcoins

After the opening of the US stock market on the evening of March 12, Bitcoin surged to a high of $73,095 and dropped to a low of $68,600, before returning to the $71,000 level. The spot ETF that is leading the rise of Bitcoin has set multiple records to date.

Bitcoin hits a new high, ETF size surpasses $55 billion, top ten cryptocurrencies moving together

Bitcoin Spot ETF Sets Second Highest Trading Volume

Bloomberg ETF analyst Eric Balchunas pointed out that among the ten Bitcoin ETFs on March 12, excluding Hashdex, they achieved the second-highest trading volume of $8.5 billion, second only to the $10 billion on March 5.

Among them, the trading volume of the BNY Mellon IBIT was nearly $4 billion, double that of the SPDR Gold Shares GLD gold ETF, while Vaneck HODL and Invesco BTCO had trading volumes of $150 million and $250 million respectively, showing significant increases.

BNY Mellon Holdings Surpass MicroStrategy at One Point

According to Lookonchain monitoring, the assets under management of ETF issuers changed after trading on the 12th as follows:

  • Grayscale reduced holdings by 4,421 BTC, holding 395,745 BTC

  • BNY Mellon increased holdings by 7,770 BTC, holding 203,755 BTC

  • The total holdings of Bitcoin Spot ETFs is 802,000 BTC, accounting for approximately 4% of the circulating supply

Previously reported, MicroStrategy announced that with funds raised from convertible bonds, idle funds, they added another 12,000 bitcoins at an average cost of $68,477.

MicroStrategy now holds 205,000 bitcoins with an average cost of $33,706. After briefly being surpassed by BNY Mellon, their asset size once again leads by 1,245 BTC.

BTC at 71K! BNY Mellon IBIT Holding Bitcoin Surpasses MicroStrategy, GBTC Overtaken by Other ETFs

New Milestone for Bitcoin Spot ETF

Eric Balchunas stated that although Bitcoin Spot ETFs have only been around for two months, it feels like half a year, with assets over $55 billion among the ten ETFs, and trading volume exactly twice that at $110 billion.

He originally expected to reach the above figures by year-end to consider Bitcoin ETFs successful, but achieving it in just eight weeks is truly remarkable.

In addition, in all ETF net flows from the beginning of the year, BNY Mellon and Fidelity's Bitcoin ETFs rank third and fourth, on par with the world's largest ETFs, which is completely unexpected.