Spot Bitcoin ETFs have experienced a significant surge in trading volume recently, reaching a record $3.24 billion. This surge underscores the growing interest in Bitcoin exchange-traded funds and indicates a notable shift in investor sentiment towards the cryptocurrency market.
The surge in spot Bitcoin ETF trading volume is indicative of a supply shock within the Bitcoin market. A supply shock occurs when there is a sudden shortage of supply relative to demand, leading to significant price movements. In this case, the influx of funds into spot Bitcoin ETFs exacerbates the supply shock, creating an imbalance between supply and demand dynamics.
Recent market trends show Bitcoin’s price surging past $57,000 after nearly two weeks, marking a gain of 9.62%. Notably, Bitcoin’s breakout occurred independently from the S&P 500, highlighting its growing detachment from traditional equities. In 2024, Bitcoin has outperformed both stocks and gold, reaching its highest ratio against gold
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