Bitcoin ETF volumes hit 7-week high as BTC price nears $67K

cyptouser2 months agoCryptocurrencies News65

Bitcoin (BTC) is seeing a “surge” in volumes among its new institutional investment products — nearly 1,000 United States firms have bought Bitcoin exchange-traded funds (ETFs).

Data from research firm Santiment uploaded to X (formerly Twitter) on May 16 showed daily spot Bitcoin volumes passing $5 billion.

One day, seven Bitcoin ETFs, $5.65 billion volume

Bitcoin ETFs have seen performance absent since around the time that BTC/USD hit all-time highs of $73,800.

As Santiment reveals, this week saw the seven largest U.S. spot ETFs manage $5.65 billion in volume between them — the highest since March 24.

“Gone are the days of whales only accumulating onchain,’ Santiment wrote in comments, describing volume as “picking up major steam.”

Reacting, hedge fund manager Thomas Kralow was equally bullish.

“This surge in trading activity is a very positive indicator for the market!” he told X followers about the data.

Bitcoin spot ETF data. Source: Santiment/X

The spot ETFs have enjoyed a return to form as May continues, with inflows positive every day this week as of May 17.

Even the Grayscale Bitcoin Trust (GBTC), previously known for considerable outflows, saw modest interest which totaled $27 million and $4.6 million for May 16 and 17, respectively, per data from sources including United Kingdom investment firm Farside.

Bitcoin ETF flows (screenshot). Source: Farside

In addition, form 13F filings now show that in Q1, 937 U.S. firms had exposure to Bitcoin ETFs. By contrast, during the first quarter after their own launch, gold ETF attracted just 95 firms.

BTC price action "clearly" establishes $60K support

Considering where BTC price action may head from here, trading firm QCP Capital saw several factors aligning to induce bullish continuation.

Related: Vanguard’s new boss says Bitcoin ETF not on the table: Report

In its latest update sent to Telegram channel subscribers, QCP highlighted “genuine institutional and sovereign adoption,” as well as Bitcoin now exiting its halving period.

“We had multiple sharp v-shape recoveries whenever Bitcoin dipped under 60k, which clearly makes it a buy-the-dip zone,” it summarized.

Earlier, Cointelegraph reported on increasing bullish conviction over BTC/USD, with calls for new all-time highs and even $95,000 coming next.

BTC/USD 1-day chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView showed the pair attempting to crack overhead resistance toward $67,000 at the time of writing, having hit new May highs the day prior.

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