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October 31, 2023

Bitcoin ETFs Gain Momentum with Record Trading Volume

Liam O'Sullivan
Written byLiam O'SullivanWriter
Researched byNikos PapadopoulosResearcher

The first Bitcoin exchange-traded fund (ETF) has registered its highest weekly trading volume since its inception. The BTC futures ETF released by ProShares, known as BITO, recorded $1.7 billion in trading volume, while the Grayscale Bitcoin Trust (GBTC) saw $800 million. This data suggests a strong appetite for Bitcoin ETFs.

Bitcoin ETFs Gain Momentum with Record Trading Volume

According to senior Bloomberg ETF analyst Eric Balchunas, the high trading volume of BTC ETFs could attract marquee investors, such as hedge funds and large financial institutions. Balchunas also notes that the upcoming approval of BlackRock's spot market Bitcoin ETF may not set a record due to the simultaneous launch of multiple ETFs, which will spread out the trading volume.

In conclusion, the significant trading volume of Bitcoin ETFs indicates a growing interest in this investment vehicle. As more ETFs enter the market, it is expected that the volume will be dispersed among them. However, the high volume could still attract prominent investors, contributing to the mainstream adoption of Bitcoin.

About the author
Liam O'Sullivan
Liam O'Sullivan
About

Liam O'Sullivan, an Irish digital maestro, seamlessly fuses his impeccable command of English with an enthusiastic penchant for online gaming. Highly regarded for his localization expertise, Liam fine-tunes online casino guides, ensuring they resonate profoundly with the diverse English-speaking populace.

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