• April 23, 2024

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Spot Bitcoin ETF Market Trading Volume Exceeds $50B: Report

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In a CNBC interview, Galaxy Digital CEO Mike Novogratz commented on the growing interest from institutional investors in the digital currency market.

He also shared his prediction that Bitcoin could reach $69,000 by the end of 2024, with crypto ETFs being a legal option for large capital to enter the market.

BitMEX Research reported that the spot Bitcoin ETF market has seen a trading volume of over $50 billion.

This investment opportunity became available to investors in January 2024. Last week, ETFs had an average daily trading volume of $1.2 billion.

The leading crypto funds were IBIT from BlackRock and GBTC from Grayscale, which alone attracted $457.2 million and $348.8 million in investments on Thursday, according to Bloomberg. As of February, the total capital accumulated by crypto funds was at its highest since January 2022, reaching $59 billion.