Bitcoin ETFs are experiencing daily trading volumes of nearly $6 billion, marking a resurgence to levels last witnessed in late March. Concurrently, the price of BTC has surged to reach new highs for May.
Bitcoin (BTC) is experiencing increased trading activity, with its new institutional investment products seeing a surge in volumes. Nearly 1,000 companies based in the United States have purchased Bitcoin exchange-traded funds (ETFs). According to data from research firm Santiment shared on X (formerly Twitter) on May 16, daily spot Bitcoin volumes have exceeded $5 billion.
Bitcoin ETFs have experienced a performance hiatus since the time BTC/USD reached its all-time high of $73,800. According to Santiment, this week witnessed the seven largest U.S. spot ETFs collectively amassing $5.65 billion in volume, marking the highest figure since March 24.
Santiment noted that this surge in volume signifies a departure from the past when whales were the primary accumulators onchain, suggesting that trading activity is gaining significant momentum. Hedge fund manager Thomas Kralow expressed optimism about the data, deeming the surge in trading activity as a positive indicator for the market.
Spot ETFs have regained strength in May, witnessing positive inflows each day this week as of May 17th.
The Grayscale Bitcoin Trust (GBTC), once characterized by significant outflows, experienced a slight uptick in interest, with $27 million and $4.6 million recorded for May 16 and 17, respectively, according to data from sources such as the United Kingdom investment firm Farside.
Furthermore, Form 13F filings reveal that during Q1, 937 U.S. companies had investments in Bitcoin ETFs. In comparison, in the initial quarter following their launch, gold ETFs garnered interest from only 95 firms.
BTC price action “clearly” establishes $60K support
QCP Capital, a trading firm, observed multiple factors coming together that could lead to further bullish momentum in BTC price action.
In its most recent update shared with Telegram channel followers, QCP emphasized the significance of “authentic institutional and sovereign adoption,” alongside Bitcoin completing its halving period.
The update noted that whenever Bitcoin dipped below $60,000, there were multiple instances of rapid v-shaped recoveries, suggesting a strong buy-the-dip sentiment.
Previously, Cointelegraph highlighted growing bullish sentiment towards BTC/USD, with predictions of new record highs and potential targets reaching as high as $95,000.
According to data from Cointelegraph Markets Pro and TradingView, the pair is currently making a push to break through the overhead resistance around $67,000. This comes after reaching new highs for May yesterday.
Read More: pSTAKE Finance, backed by Binance, introduces a liquid staking solution for Bitcoin
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