Bitcoin hits $70,000, ETF total trading volume surpasses $100 billion

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Bitcoin Surges Above $70,000

Bitcoin hit another all-time high on the 8th, reaching $70,040 at one point, before dropping to a low of $66,063, down 5.68%, and is currently trading around $68,000, down 3.1%.

After surpassing the previous high of $69,000, Bitcoin experienced a larger drop of 14.59%, leading to nearly $1.2 billion in liquidations in the crypto market, marking the largest liquidation event since the FTX crash in November 2022.

Ethereum, on the other hand, reached a high of $3,993.

Bitcoin Hits New All-Time High! Soars and Plummets, Wiping Out Nearly $1.2 Billion

Nine ETFs' Total Assets Finally Surpass GBTC

On the evening of March 8th, GBTC saw a net outflow of $302.9 million, causing the total assets of the other nine ETFs, excluding Hashdex and GBTC, to finally surpass GBTC.

Bitcoin ETF Cumulative Trading Volume Exceeds $100 Billion

Additionally, The Block reported that the future of ETFs is becoming stronger, with the Bitcoin spot ETF taking just over a month to accumulate $500 billion in trading volume, but the next $500 billion in trading volume only took two weeks, officially pushing the total volume over $100 billion.

Bloomberg ETF analyst Eric Balchunas also noted that the trading volume on March 8th equaled that of the 7th and 6th in just 2 hours, with Blackrock's IBIT alone seeing $2.2 billion in trading volume.

Eric Balchunas also mentioned the weekly trading volume of ETFs in the chart below. Last week's trading volume was $300 billion, and after confirming the trading volume on the evening of the 8th, he believes the weekly trading volume could reach $360 billion, setting a new record.

Here's a look at the weekly volume for the ten, already crushed record set last week w $30b traded and prob will add another $6b to this week when dust settles at 4pm pic.twitter.com/x2uZnVDsOr

— Eric Balchunas (@EricBalchunas) March 8, 2024