Close Menu
    Bitcoin

    Bitcoin ETF demand hits 6-month high while futures volumes remain ‘subdued’

    By No Comments2 Mins Read

    30s Summary

    The demand for Bitcoin spot exchange-traded funds (ETFs) is at its highest since the Bitcoin halving event in April, despite a decline in interest from future traders. Glassnode attributes the decreased interest in Bitcoin future contracts to a shift towards single trade strategies and futures market arbitrage positions. Despite this, Bitcoin ETFs are experiencing a six-month high in activity, with netflows of about 65,962 Bitcoin over the last month, and bringing in over $21.6 billion since their debut in January. Binance’s data reveals that this strong demand for Bitcoin ETFs is mostly from individual investors.

    Full Article

    So, folks, are you noticing the high demand for Bitcoin spot exchange-traded funds (ETFs)? Well, it’s at its maximum since that big Bitcoin halving in April. But, don’t you find it weird that future traders are less interested now? Well, Glassnode has the info on this, in a recent report.

    And here’s something interesting – Bitcoin futures contracts are seeing about half the action they did after Bitcoin’s record-breaking high of $73,679 in March. Back then, we saw trades flying around worth over $80 billion a day. We haven’t seen that kind of activity since August when Bitcoin’s price plummeted 22% over a week, down to $53,991 on August 6th.

    Glassnode suggests that this drop could be because people are focusing more on single trade basis strategies and futures market arbitrage positions, instead of those high-flying futures contracts.

    But hey, good news for Bitcoin ETFs! People seem to be loving them. Ki Young Ju from CryptoQuant, pointed out in a recent post that we’re seeing a 6-month high in Bitcoin ETF action. Over the last month, these ETFs saw netflows of about 65,962 Bitcoin. Yeah, you read that right!

    And here’s another cool stat – since the debut of Bitcoin ETFs in January, they’ve brought in over $21.6 billion in total. That’s a pretty big pie!

    An interesting note from Binance on October 25th – most of that demand for Bitcoin ETFs is coming from regular folks, not the big institutions. Their data suggests that non-professional players hold almost 80% of everything tied up in Bitcoin ETFs. Cool right?

    Just remember folks, crypto’s a tricky game. Always do your homework before diving in!

    Source: Cointelegraph

    Related Posts