What’s Happening: Bitcoin ETFs See $3 Billion in Trading Volume at the Start of Trading Hours

Bitcoinsistemi2024/08/05 18:45

By:Mete Demiralp

Bitcoin Spot ETFs saw a whopping $3 billion in trading volume in their first hours of trading, according to data.

Bitcoin ETFs witnessed an unprecedented trading volume of almost $3 billion in the first hour of trading, exceeding Ethereum ETFs by more than tenfold.

The surge came as investors hastily shed assets in response to a major global stock selloff, sending the world's two largest cryptocurrencies to their lowest levels in months.

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Data from CoinShares revealed that Bitcoin and Ethereum investment products experienced significant outflows of $400 million and $146 million, respectively, in the week ending August 3. On Friday, Bitcoin ETFs recorded their most significant one-day outflows in nearly three months.

The development marked the first loss in five weeks for Bitcoin funds, halting a winning streak that had attracted more than $3.5 billion. On the other hand, Ethereum ETFs also suffered a two-week losing streak, with total outflows approaching $500 million.

The BTC price is undergoing a slight recovery at the time of writing, after hitting below $50,000 during the day.

*This is not investment advice.

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