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'Absurd numbers': Bitcoin ETFs explode on the upside
It's been almost a month and a half since spot bitcoin ETFs (BTC) were approved in the United States. Yesterday, February 27, these financial instruments had set trading volume records. But today, that mark was surpassed, which is doubly remarkable considering that, at press time, the trading day on Wall Street is not over yet.
For Balchunas, what's happening with bitcoin ETFs is "officially crazy." There are 4 bitcoin ETFs that are in the top 20 assets traded on US exchanges, including IBIT (from the company BlackRock) which ranks fourth by trading volume.
The specialist admits to being obsessed with the subject and explains:
"I understand that my coverage is relentless and probably annoying to some, but these numbers are absurd and very rare here... it would be like asking a scientist not to be obsessed with Comet Haley or something."
Eric Balchunas, investment fund specialist.
A characteristic of spot ETFs (as opposed to futures ETFs) is that they are backed by the underlying asset, in this case, bitcoin, as explained in the Cryptopedia (educational section of CriptoNoticias). This means that bitcoin ETF issuing companies must hoard BTC, and for that, they must buy it.
This can be thought of as the main bullish driver for the price of the digital currency at the moment. In the face of strong, constant demand, and with a limited and scarce supply, the price of BTC increases.
Today, Feb. 28, bitcoin has approached its all-time high price, hitting the $64,000 mark, a few minutes ago.
Bitcoin futures ETFs also benefit
As a side effect, bitcoin futures ETFs are benefiting. With three hours to go before the close of the trading day, the ETF identified with the ticker BITX broke a record for trading volume.
Says Balchunas: "In total, nine bitcoin [futures] ETFs are among the top 100 most active ETFs, totaling $6.7 billion. To put that in context, Apple has traded $4.5 billion."
Source:Cryptonews