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    Bitcoin Surges Past $90,000 on Strong U.S. Demand, Blackrock’s ETF Sees High Trading Volume

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    Bitcoin surged past $90,000, driven by strong U.S. demand as noted by the Coinbase Premium Index. Blackrock’s iShares Bitcoin ETF (IBIT) logged a high trading volume of $1.2 billion in the first hour, the fourth-most traded ETF. Analysts indicate the rise in Bitcoin is due to spot buying, suggesting a more sustainable rally. At the time of writing, Bitcoin had depreciated slightly to trade at $92,200.

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    Bitcoin soared past the $90,000 mark early in the trading day, quickly smashing even higher to go past $93,000. This impressive climb was driven by strong demand, with the Coinbase Premium Index hitting its peak since April.

    Among ETFs, Blackrock’s iShares Bitcoin ETF (IBIT) saw a high trading volume. In the first hour, it recorded a volume of $1.2 billion, making it the fourth-most traded product across all ETFs.

    Bitcoin bounced a few times off the $90,000 mark earlier this week and finally broke through it during the U.S. morning hours on Wednesday. Once it managed to pass this point, the price rose quickly, going beyond $93,000.

    When the traditional U.S. markets opened at 9:30 am E.T., Bitcoin broke through this key price level. This suggests the demand from U.S. investors drove the price increase.

    The Coinbase Premium Index for Bitcoin, a key measure of U.S. demand, reached 0.2 – the highest since April. This data, provided by CryptoQuant, highlights the strong buying pressure coming from U.S. players.

    There’s no clear info on who’s buying but one thing’s for sure: U.S.-listed spot Bitcoin exchange-traded funds (ETFs) started the day with heavy trading volumes. BlackRock’s iShares Bitcoin Trust ETF, known as IBIT, the largest spot ETF with $40 billion in assets, traded about $1.2 billion in the first hour of the session. This makes it the fourth most-traded product among all ETFs, according to Barchart data.

    At the time of writing, Bitcoin had retreated slightly and was trading at $92,200. It has gained almost 7% over the last 24 hours. Meanwhile, Ethereum’s Ether (ETH) and Solana (SOL) gained 1.6% and 2.7%, respectively, during the same period.

    Analysts observe that the buying is not based on futures markets but spot buying, suggesting the rally is more sustainable. The spot cumulative volume delta (CVD), which is the net difference between buying and selling trade volumes, shows strong flows with most of the net volume coming from buyers. Each surge in spot CVD has corresponded to a rise in Bitcoin’s price.

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