Spot-Bitcoin ETFs Ignite Record-Breaking Trading Volumes During US Hours 📈
Bitcoin trading is going wild during US market hours, hitting record levels and making up a whopping 46% of this year’s total volume from January to April! 🤯
This boom is tied to the January launch of spot-Bitcoin exchange-traded funds (ETFs). 🇺🇸
Kaiko Research reveals that Bitcoin trading peaks at the start and end of US trading hours, aligning with the calculation of ETF net asset values at the close of US stock exchanges.
Thursdays are the busiest, with US hours capturing nearly 15% of the daily trading volume.
While US trading volumes are back to 2022 levels, Asian hours are lagging, highlighting the US's growing impact on Bitcoin trading dynamics.
Toby Winterflood, Chief Product Officer at CCData, notes that Bitcoin's performance during US hours shows less volatility compared to previous periods.
"ETFs have significantly influenced Bitcoin’s correlation with the S&P 500 and its potential de-correlation with other cryptos," Winterflood explains.
Spot-Bitcoin ETFs have attracted nearly $13 billion in net inflows since their launch, marking one of the most successful product debuts in industry history. Although inflows slowed to $1.3 billion in May, the pace is picking up again with $542.9 million added in just the past two days.
Bitcoin is currently hovering around the $70,000 mark. According to Hashkey, Bitcoin outperformed the S&P 500 fivefold from January to April 2024.
With a 53% share of the total crypto market cap, Bitcoin has delivered a 57% return year-to-date, compared to the S&P 500's 12.20% growth. Despite lower volatility, Bitcoin remains a standout, while other crypto assets show greater volatility and higher potential rewards.🔥
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