Recent surge sees Bitcoin trading volume reach highest level since ETF launch

The recent rise in Bitcoin (BTC) caused the trading volume of the largest cryptocurrency on the market to reach the highest level since the launch of exchange-traded funds (ETFs), as noted in a survey shared by the Kaiko platform, on February 13.

According to recent data, Bitcoin trading volume reached its highest level since the launch of spot ETFs, with prices rising to $50,000 earlier this week.

📊 #BTC trade volume surged to its highest level since the launch of the spot #ETFs as prices rallied to $50K.🚀 pic.twitter.com/obfawIEFXI

— Kaiko (@KaikoData) February 13, 2024

A new report from CoinShares released on February 12 revealed that spot Bitcoin Exchange Traded Funds (ETFs) led the cryptocurrency investment products by recording the largest inflows last week. According to the data, spot Bitcoin ETFs issued in the US saw net inflows of $1.1 billion last week. Since the launch of the ETFs on January 11, inflows have totaled US$2.8 billion.

Furthermore, Kaiko observed in their analysis that the average Bitcoin trade size reached a multi-month high of $1,300, with prices surpassing the $50,000 zone.

The price of Bitcoin continues to rise today and recently exploded above the $51,000 level. On February 12, in a move that caught the attention of investors and cryptocurrency market enthusiasts, Bitcoin (BTC) surpassed the US$50,000 mark, boosting the community’s confidence in the cryptocurrency.

At the time of publication, the price of Bitcoin was quoted at US$51,948.25, up 6.0% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$37,921,692,107. In the last seven days, the biggest cryptocurrency on the market has increased its price by 20.2%.

When analyzing a broader scenario for the recent rise in the price of Bitcoin, two catalysts can be highlighted: Spot exchange-traded funds (ETF) and the proximity to the halving.

Disclaimer:

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.