Bitcoin ETF Demand Hits 6-month High
25 Oct, 2024 ● Coin news
Interest in spot Bitcoin exchange-traded funds (ETFs) has reached its highest level since the April Bitcoin halving, while enthusiasm among futures traders appears to be decreasing, recent data shows.
“The volumes traded across all futures contracts ($35 billion per day) remain somewhat subdued, especially compared to the elevated volumes when the market peaked at the all-time high in March,” Glassnode stated in an October 23 market report.
The volume of futures contracts—agreements between buyers and sellers to trade Bitcoin at a future date—is currently about 50% of what it was when Bitcoin hit its all-time high of $73,679 in March, a time when volumes exceeded $80 billion daily.
The last time futures volume neared $80 billion was in early August, as Bitcoin’s price declined 22% over eight days, reaching $53,991 on August 6.
According to Glassnode, “there has not yet been a significant impulse in trading activity and perhaps alludes to a higher dominance of single trade basis strategies and arbitrage positions within futures markets.”
Meanwhile, in an October 25 post on X, Ki Young Ju, CryptoQuant’s founder and CEO, highlighted the 30-day momentum indicator for spot Bitcoin ETF demand, noting it has “reached a 6-month high.”
Ju indicated that netflows totaled 65,962 BTC over the past 30 days.
Since spot Bitcoin ETFs launched in January, total cumulative inflows have reached $21.6 billion, according to Farside data.
Sources:
https://insights.glassnode.com/the-week-onchain-week-43-2024/
