Bitcoin ETF reach $10b trading volume in three days, new type of funds filed and record interest on Google

Crypto2Cash
2 min readJan 17, 2024
Photo by Kanchanara on Unsplash

U.S. spot bitcoin ETFs reach $10b trading volume in 3 days

Since their recent launch in the United States, spot Bitcoin ETFs have achieved a cumulative trading volume of nearly $10 billion within just three days.

According to Bloomberg analyst James Seyffart, the standout performer among the spot Bitcoin ETFs is Grayscale’s GBTC, which recorded an impressive three-day trading volume of $5.174 billion.

BlackRock’s IBIT also saw substantial engagement, reaching $1.997 billion in trading volume, while FBTC recorded $1.479 billion during the same period.

Together, these three ETFs accounted for an impressive $9.771 billion in trading volume, indicating strong investor interest in the cryptocurrency market.

ProShares seeks to expand bitcoin ETF offerings with five new Leveraged and Inverse Funds

ProShares has filed prospectus materials for five leveraged and inverse bitcoin ETFs days after the US SEC approved 11 spot Bitcoin ETFs.

Spot Bitcoin ETFs trading which began on January 11, has already seen massive trading volumes, reaching billions of dollars.

Unlike some spot bitcoin ETFs, two of ProShares’ funds do not directly invest in bitcoin, and three do not take a direct short position on the cryptocurrency, as outlined in the filed prospectus materials.

Bitcoin Hits Peak Interest on Google Trends

Following the buzz around above described developments, attention is now shifting towards bitcoin’s upcoming reward halving.

Over the previous year, the search term “bitcoin” garnered a rating of 55 out of a possible 100, according to Google Trends.

Google’s service assigns a score from 1 to 100, reflecting the search interest for a given term in a specific time and location. The scoring is relative to the proportion of searches for a term like “bitcoin” against the total search volume during that period and place. A score of 100 signifies the term’s peak popularity.

Last week this popularity reached a new yearly peak, following the ETF approval in the United States.

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