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October 31, 2023

Bitcoin ETFs Gain Momentum with Record Trading Volume

Aria Mitchell
Written byAria MitchellWriter
Researched byNikos PapadopoulosResearcher

The first Bitcoin exchange-traded fund (ETF) has registered its highest weekly trading volume since its inception. The BTC futures ETF released by ProShares, known as BITO, recorded $1.7 billion in trading volume, while the Grayscale Bitcoin Trust (GBTC) saw $800 million. This data suggests a strong appetite for Bitcoin ETFs.

Bitcoin ETFs Gain Momentum with Record Trading Volume

According to senior Bloomberg ETF analyst Eric Balchunas, the high trading volume of BTC ETFs could attract marquee investors, such as hedge funds and large financial institutions. Balchunas also notes that the upcoming approval of BlackRock's spot market Bitcoin ETF may not set a record due to the simultaneous launch of multiple ETFs, which will spread out the trading volume.

In conclusion, the significant trading volume of Bitcoin ETFs indicates a growing interest in this investment vehicle. As more ETFs enter the market, it is expected that the volume will be dispersed among them. However, the high volume could still attract prominent investors, contributing to the mainstream adoption of Bitcoin.

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Aria Mitchell
Aria Mitchell
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From Rotorua's scenic landscapes, Aria Mitchell shines as New Zealand's leading expert in localizing online casino content. Marrying Kiwi essence with global gaming insights, she's the name trusted nationwide.

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