Key Points
According to Santiment, spot Bitcoin (BTC) ETFs have been garnering considerable attention from market participants.
Over the past two days, these ETFs have set two new all-time highs in trading volumes.
This coincides with the recent uptrend in Bitcoin.
Trading Volume Records
As of February 26, the combined trading volume for the seven largest spot Bitcoin ETFs was $7.64 billion.
This is a new record high, exceeding the previous record of $6.15 billion by $1.49 billion.
Interestingly, the previous high was recorded just a day earlier, on February 25.
The recent surge in trade volume follows a period of sustained decline.
The volume had previously peaked at $4.52 billion on February 19, before falling for three consecutive days.
This downtrend culminated in a one-week low of $1.64 billion on February 22.
During this period, Bitcoin faced significant bearish pressure.
This contributed to the decreased interest in spot Bitcoin ETFs.
From February 20 to 22, Bitcoin experienced three consecutive intraday losses, falling nearly 3% to the lower end of the $50k range.
The recovery in Bitcoin’s price over the weekend has sparked renewed interest in spot Bitcoin ETFs.
As Bitcoin surpassed $54,000 on Monday, these ETFs saw a resurgence in volume.
Santiment suggests this renewed interest is largely due to increased FOMO surrounding Bitcoin, as investors rush to capitalize on the uptrend.
Furthermore, with Bitcoin’s recent surge, 97% of BTC holders are now seeing profits on their holdings.
This has resulted in a wave of profit-taking trades.
According to Santiment, Fidelity Investments’ Fidelity Wise Origin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT) have stood out among the seven largest Bitcoin ETFs.
On February 26, FBTC recorded a volume of $4.28 billion, while IBIT saw a new high of $1.25 billion.
Bitcoin recently surpassed the crucial $59,000 mark in its push to reclaim its previous all-time high of $68k.
The cryptocurrency is currently trading at $59,320, with its sights set on the $60,000 price point amid high demand.
