FOMO

Bitcoin

Read

Spot

<p class="is-style-lead">Spot Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) ETFs have continued to attract interest from market participants, having recorded two new all-time highs in trading volumes over the past two days amid the latest Bitcoin uptrend.</p> 
<p>According to Santiment, the combined trading volume for the seven largest spot Bitcoin ETFs stood at $7.64 billion as of Feb. 26.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🤯📈 Speculated to largely be contributed to investors' combined <a href="https://twitter.com/hashtag/FOMO?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#FOMO</a> and profit taking surrounding <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> breaking new 2-year high market values this week, the <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> <a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#ETF</a>'s have skyrocketed to new <a href="https://twitter.com/hashtag/AllTimeHigh?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#AllTimeHigh</a> daily volumes in each of the past 2 trading days, factoring for the… <a href="https://t.co/X3R0GJH64p" target="_blank">pic.twitter.com/X3R0GJH64p</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1762743871606526084?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 28, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>This figure represents the current record high, having surpassed the previous record of $6.15 billion by $1.49 billion. Interestingly, the market witnessed the $6.15 billion high on Feb. 25, suggesting that the latest ATHs were attained in two consecutive days.</p> 
<p>The current uptick in trade <a href="https://crypto.news/glossary/volume-in-crypto-trading/">volume</a> comes after a period of sustained downtrend in this metric since a $4.52 high on Feb. 19. Notably, volume saw three consecutive days of persistent declines, collapsing to a one-week low of $1.64 billion on Feb. 22.</p> 
<p>Within this period, BTC observed significant bearish pressure, which contributed to the reduced interest in spot Bitcoin ETFs. The asset experienced three straight intraday losses from Feb. 20 to 22, dropping by nearly 3% to the lower spectrum of the $50K threshold.</p> 
<p> You might also like: <a href="https://crypto.news/kraken-unveils-new-institutional-division-as-chamber-of-commerce-steps-in-against-sec-lawsuit/"> Kraken unveils new institutional division as Chamber of Commerce steps in against SEC lawsuit </a> </p> 
<h2 class="wp-block-heading" id="btc-uptrend-rekindles-interest-in-spot-bitcoin-etfs">BTC uptrend rekindles interest in spot Bitcoin ETFs</h2> 
<p>The <a href="https://crypto.news/bitcoin-surpasses-56k-traders-betting-on-further-rise/">recovery</a> in Bitcoin’s price, which began over the weekend, has now rekindled market interest in spot Bitcoin ETF products. As Bitcoin surged past $54,000 on Monday, coinciding with a new week of trading activity, these spot Bitcoin ETFs have seen a rejuvenation of volume.</p> 
<p>Santiment notes that this renewal of interest could largely be attributed to increased FOMO surrounding BTC, as investors scramble to ride on the uptrend. In addition, amid the surge, 97% of BTC holders are now <a href="https://app.intotheblock.com/coin/BTC" target="_blank" rel="noopener">seeing</a> profits on their holdings, resulting in massive profit-taking trades.</p> 
<p>Per data from Santiment, Fidelity Investments’ Fidelity Wise Origin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT) have stood out among the seven largest Bitcoin ETFs. Impressively, FBTC saw a record volume of $4.28 billion on Feb. 26, while IBIT witnessed a new high of $1.25 billion on the same day. </p> 
<p>Meanwhile, Bitcoin recently breached the pivotal $59,000 in the push to reclaim the previous <a href="https://crypto.news/qcp-capital-explains-when-to-expect-bitcoins-all-time-high/">ATH</a> of $68K. The crypto asset currently changes hands for $59,320, with its eyes currently set on conquering the $60,000 price point amid the massive demand.</p> 
<p> Read more: <a href="https://crypto.news/bitcoin-surpasses-the-59k-mark-whales-on-the-way/"> Bitcoin surpasses the $59k mark, whales on the way </a> </p>

Spot Bitcoin ETFs record new trading volume ATHs in 2 straight days

Table of Contents

crypto.news

Other articles published on Feb 28, 2024

Onchain Insights Reveal Increasing Speculation Around Bitcoin

The Bitcoin Rally Continues at Full Speed: Surpasses $59,000 Level!

Bitcoin Eyeing Huge Surge in Line With S&P 500 Trends, Analyst Says

Ripple Joins Forces with Axelar Foundation to Elevate XRP Ledger’s Cross-Chain Compatibility

Binance Announces Support for Sei Network Upgrade

Will Cardano (ADA) Price Hit New ATH This AltSeason

Join our free newsletter for daily crypto updates!