Key Takeaways:
- On August 5, Bitcoin ETF trading volumes surpassed $1 billion due to market crashes and increased trading activity.
- The iShares Bitcoin Trust led with $875 million of the $1.3 billion traded in 20 minutes, per Galaxy Digital’s Alex Thorn.
- Thorn predicts net inflows as investors capitalize on an 8% drop in Bitcoin prices since August 4, influenced by significant Ether sales and macroeconomic volatility.
On August 5, Bitcoin ETF trading volumes soared past $1 billion, driven by crashing markets and heightened trading activity.
According to Alex Thorn, head of research at Galaxy Digital, Bitcoin ETFs saw over $1.3 billion in trading volume within 20 minutes, with the iShares Bitcoin Trust leading at $875 million.
20 mins into the trading session and #bitcoin ETFs have already seen $1.3bn in volume — this is extremely elevated pic.twitter.com/D6ZQEHtfdY
— Alex Thorn (@intangiblecoins) August 5, 2024
Thorn anticipates net inflows as investors buy the dip, spurred by an 8% drop in Bitcoin prices since August 4, influenced by Ether’s 21% drop due to significant sales by funds like Jump Trading and Paradigm VC.
Jump Trading has reportedly sold $377 million in Ether, potentially reaching $481 million.
Jump Trading is selling 120,695 $wstETH($481M) and has sold 83K $wstETH($377M) since July 24, leaving 37,604 $wstETH($104M).
— Lookonchain (@lookonchain) August 5, 2024
The market also began to fall after July 24, falling by more than 33%!
According to reports on June 20, the US #CFTC is investigating Jump Trading.… pic.twitter.com/pOoGZknUDh
The sell-off worsened the macroeconomic environment, affecting all asset classes, including a 5% drop in the S&P 500 since August 1.
Deteriorating U.S. unemployment data and Japan’s interest rate hike have further increased market volatility.
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
With a keen eye for emerging trends and a talent for engaging storytelling, Victor’s articles offer a fresh perspective on the ever-evolving digital currency landscape.
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