Analysts at cryptocurrency exchange Coinbase, David Duong and David Han, detailed the trading of spot Bitcoin-based exchange-traded funds (ETFs) in comments. The “Monthly Outlook: Post-ETF Trading Themes” report was published by Coinbase on February 8.
In the document, experts highlight the “short-term overestimation” related to the impact on performance obtained in January with the entry of US$1.46 billion into spot Bitcoin ETFs.
The report pointed out that currently, US spot Bitcoin ETFs only represent “10-15%” of the total Bitcoin spot trading volume on centralized exchanges (CEX) globally.
“While the launch of these products is a watershed moment for the cryptoeconomy, US-based ETFs currently represent only 10-15% of total BTC spot trading volume on global centralized exchanges and just 3% of the bitcoin in circulation, supply (or around 650 thousand BTC)”, says part of the report.
It is worth remembering that the recent rise in the price of Bitcoin (BTC), surpassing the US$45,000 zone, was fueled by ETFs. At the time of publication, the price of Bitcoin was quoted at US$47,356.03, up 6.0% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$27,749,295,664. Over the past seven days, the price of Bitcoin has risen 10.2%.
Bitcoin Surpasses $45,000 Fueled by ETFs
After weeks in a bearish cycle, Bitcoin (BTC) price began a steady rise above the $45,000 resistance. The largest cryptocurrency recently reached the $47,000 level. Bitcoin’s rise in recent days ends the price drop recorded after the approval of spot exchange-traded funds (ETFs) on January 11.
Bitcoin price began a steady rise above the $45,000 resistance. BTC is showing bullish signs above $45,300. If the bulls remain in action, the price could rise towards the $50,000 level according to the trader.
Bitcoin scaled new heights and surpassed the $45,500 mark. The recent 4% single-day surge not only captured the attention of investors and cryptocurrency enthusiasts, but also signaled a strong bullish momentum that appears to be just beginning. The highlight of this rise is the undeniable influence of exchange-traded funds (ETFs) on the cryptocurrency market.
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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/etfs-representam-ate-15-das-negociacoes-a-vista-do-bitcoin/
