The spot Bitcoin ETF has pushed the price of BTC to an all-time high this year. The inflow of funds through this investment source is seen to have been strong. This trend is likely to continue with the upcoming Bitcoin halving event on April 19.
Based on Santiment's latest analysis, spot Bitcoin ETF volumes have been strong, showing no signs of slowing down even four weeks after hitting an all-time high.
Interestingly, trader activity continues to exceed the levels seen since the peak in late February when individual trading increased, and it continues. This is especially true for popular ETFs such as GBTC Grayscale, IBIT BlackRock, FBTC Fidelity, ARKB Ark Invest, and BTCO Invesco Galaxy, BITB Bitwise, and HODL VanEck.
Santiment data shows that these top seven spot Bitcoin ETFs recorded a trading volume of $3.83 billion on February 25, marking the peak point. In April, the daily volume for these funds was found to be $3.19 billion.
“Between $GBTC, $IBIT, $FBTC, $ARKB, $BTCO, $BITB, and $HODL, trader activity is still significantly higher than the peak that started in late February after the inflow of individual trades started and has not slowed down since then .”
With the upcoming halving event less than two weeks away, the crypto analytics platform expects the rising activity to continue. However, there is speculation as to whether a subsequent drop in ETF volume and on-chain activity will occur immediately thereafter.
A similar sentiment was echoed by Apollo Sats founder Thomas Fahrer, who highlighted significant BTC purchases made by large institutions, with Blackrock acquiring 12,000 Bitcoins and Fidelity buying 6,000 Bitcoins in the previous week.
Although it has been three months since the launch of the spot Bitcoin ETF, these institutional players show no signs of slowing down in their accumulation.
Although GBTC Grayscale has started the sale process, Fahrer emphasized that their sales activities are limited. Once their selling pressure subsides, the founders expect that a rally will take place, triggering the price of Bitcoin to new highs once again, with $100,000 as an important target.
Currently, the price of BTC has responded well to this latest development and soared above $72,000 earlier today for the first time in almost a month before falling back a few hundred dollars.
