The total Bitcoin ETF trading volume today has officially hit $4.69 billion. The hype around Bitcoin continues as the leading cryptocurrency surges on, and ETFs are riding the wave this week.
Bitcoin is currently up over $60,000 after a massive surge during the past week. Out of the current available Spot Bitcoin ETFs available, BlackRock’s product was the leader in trading volume at $1,881,560,590. Grayscale, however, didn’t trail far behind, seeing a $1,360,694,512 TV on Thursday.
The surge of Bitcoin’s price and the rise of Spot BTC ETFs this week are directly correlated of course. However, the upcoming Bitcoin Halving is also a likely contributor to the surge. The Bitcoin Halving will see the total Bitcoin available be split in half, which maintains BTC’s price is so high above other cryptocurrencies. As the Halving approaches, Bitcoin’s price is reacting positively, thus the increase in investment in Bitcoin by investors and banks.
Also Read: Bitcoin Surpasses Russian Ruble to Become 14th Largest Currency.
Banks such as Wells Fargo and Bank of America’s Merril are now offering the products to their wealth clients. Morgan Stanley may follow suit soon as well.
While some banks are bearish about Bitcoin post-halving, it is clear that the wave is building for Bitcoin. Now that Spot Bitcoin ETFs are widely available on the market, their performances this week signal that interest is only growing from here.