Bitcoin ETFs Slip As GBTC Sees Drawdown, Gearing Up for Long Correction Trend?

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Bittime -The trading boom among) exchange-traded funds (ETFs) resumed on Thursday (29/02/23) after recording the largest daily net receipts on record during Wednesday's busy session (28/02 /24) then.

BlackRock's ETF, which is known as IBIT and has the second-largest total assets among bitcoin ETFs, re-entered the top 10 most active ETFs in the US at around midday Thursday and posted trading volume above $1 billion for the fourth straight day, according to Barchart data.

As of 1:30 p.m. Eastern Time (18:30 UTC), nearly 36 million IBIT shares worth more than $1.2 billion changed hands with two hours of trading remaining, according to Barchart. Grayscale's GBTC and Fidelity's FBTC also had strong days, trading above $880 million and $660 million respectively so far.

These strong numbers follow Wednesday's record (02/28/24), when 10 bitcoin spot ETFs traded for a total of $7.7 billion, with BlackRock's IBIT hitting $3.3 billion in volume.

Bitcoin ETF Attracts Huge Investor Interest

Bitcoin spot ETFs also attracted $673 million in net receipts on Wednesday (02/28/24), the largest daily allocation since their debut in early January, according to BitMEX Research data. BlackRock's IBIT alone attracted $612 million in proceeds, a record high.

“Only one or two other ETFs in the world are receiving cash as quickly as IBIT is currently,” said Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, in a post.

Meanwhile, bitcoin prices themselves had a quieter session on Thursday, with CoinDesk's Bitcoin Index (XBX) hovering around $61,000, down 0.3% over the last 24 hours. This performance lagged the broader CoinDesk 20 Index (CD20), which rose more than 3%.

Bitcoin (BTC) Price Today

Source: Bittime

On March 1, 2024, based on today's Bittime market, the price of BTC was observed to have decreased by 1.05% in 24 hour trading, with the highest ATH reaching IDR 1,000,871,402 . Currently the price of BTC to IDR is IDR 961,106,167.

Also Read How to Buy Crypto:

Factors Driving a Surge in Investor Interest

This surge in investor interest in spot bitcoin ETFs signals several things:

1. Increased Institutional Interest in Bitcoin

Bustling ETF trading shows that institutional investors are increasingly comfortable with exposure to the crypto asset class. ETFs offer an easier and more regulated way for institutional investors to gain exposure to bitcoin compared to buying and holding it directly.

2. Long Term Growth Potential

The strong interest in these ETFs reflects expectations that bitcoin has significant long-term growth potential. Institutional investors are of the view that bitcoin can serve as a hedge against inflation and valuable diversification in their portfolios.

3. Increased Regulation and Transparency

The launch of a spot bitcoin ETF helps increase regulation and transparency in the crypto market. This ETF is subject to strict regulations from the United States Securities and Exchange Commission (SEC), which provides additional protection for investors.

Also Read: Bitcoin Futures and Bitcoin Options: Bitcoin Financial Contracts, What's the Difference?

Conclusion

Retail and institutional investors continue to show great interest in Bitcoin, as evidenced by the surge in trading volume of US-listed spot Bitcoin ETFs. BlackRock IBIT, one of the largest ETFs, hit a record trading volume of $1 billion for the fourth day in a row.

Even though the price of Bitcoin (BTC) itself was relatively stable at around $61,000 on Thursday (29/02/24), high investor interest in ETFs shows long-term optimism for this crypto asset.

This increase in interest is driven by several factors, including:

• Increasing institutional interest in Bitcoin
• Bitcoin's long-term growth potential
• Increased regulation and transparency in the crypto market

However, investors need to remember that investing in crypto, including through ETFs, still carries high risks.

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How to Buy Bitcoin (BTC) on Bittime

You can buy and sell  Bitcoin (BTC)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC)  is available on Bittime with  the market pair BTC/IDR . To be able to buy  BTC IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price  chart movements  of Bitcoin (BTC ) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Rally Beyond $3,400: Ethereum Dencun Upgrade Makes ETH Price Soar, Have You Missed The Train?

Dencun: An Ethereum Lifeboat to Compete in the Sea of ​​Blockchain

Why Did Bitcoin (BTC) Price Rise Today? 

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.