- Record $2.4 billion volume in new Bitcoin ETFs, with Blackrock’s IBIT leading.
- Analyst Jesse predicts Bitcoin could reach $65,000-$69,000 if $57,000 becomes a stable support level.
The cryptocurrency market witnessed an extraordinary surge in activity this Monday, with nine newly launched spot Bitcoin (BTC) exchange-traded funds (ETFs) shattering their all-time volume records.
This looks poised to prop up Bitcoin to surpass gold’s market cap which is considered not impossible, as ETHNews had previously announced.
Blackrock’s IBIT Shatters Personal Volume Record
According to Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, these ETFs collectively registered an astonishing $2.4 billion in trading volume, far surpassing their initial launch day figures and effectively doubling their recent daily averages.
It's official..the New Nine Bitcoin ETFs have broken all time volume record today with $2.4b, just barely beating Day One but about double their recent daily average. $IBIT went wild accounting for $1.3b of it, breaking its record by about 30%. pic.twitter.com/MiCs1rzttM
— Eric Balchunas (@EricBalchunas) February 26, 2024
Among the frontrunners, Blackrock’s iShares Bitcoin Trust (IBIT) took the spotlight by accounting for $1.3 billion of the total volume, thereby breaking its own record by approximately 30%.
It’s worth noting that the figures shared by Balchunas do not take into account Grayscale’s spot BTC ETF. In a strategic move, the crypto-focused asset management behemoth converted its flagship Grayscale Bitcoin Trust (GBTC) into an ETF, which is now listed on the NYSE Arca.
This remarkable achievement not only underscores the growing investor interest in crypto ETFs but also highlights the market’s burgeoning confidence in Bitcoin as a viable investment asset. You can watch the YouTube video below to explore more about the development of Bitcoin ETFs.
Is $65,000 Next?
In the midst of this unprecedented market activity, a tweet from renowned analyst Jesse caught the attention of crypto enthusiasts and investors alike.
As crazy as it sounds, if we can turn $57,000 into support, $65,000-$69,000 #Bitcoin is right around the corner. pic.twitter.com/hfs47acrvj
— Jesse (@Micro2Macr0) February 27, 2024
This statement has sparked a wave of speculation and optimism within the crypto community, with many seeing it as a plausible prediction given Bitcoin’s recent momentum.
The idea that Bitcoin could not only reach but solidify its position above the $57,000 mark and potentially soar to the $65,000-$69,000 range in the near future has added an extra layer of excitement to an already buzzing market.
At the time of writing, the price of BTC has risen 4.54% in the last 24 hours, reaching a price of $59,163.21. This represents an increase of 15.54% over the past 7 days.