Bitcoin (BTC) is experiencing a surge in volumes among its new institutional investment products, with nearly 1,000 US firms purchasing Bitcoin exchange-traded funds (ETFs). Data from research firm Santiment reveals that daily spot Bitcoin volumes have surpassed $5 billion. This week, the seven largest US spot ETFs managed a volume of $5.65 billion, the highest since March 24. This increase in trading activity is seen as a positive indicator for the market by hedge fund manager Thomas Kralow. In addition, data from form 13F filings shows that 937 US firms had exposure to Bitcoin ETFs in Q1, compared to just 95 firms for gold ETFs in the first quarter after their launch. BTC price action is establishing $60,000 as a support level, with trading firm QCP Capital noting institutional and sovereign adoption as well as Bitcoin exiting its halving period as factors supporting a bullish continuation. There is increasing bullish conviction over BTC/USD, with predictions of new all-time highs and even $95,000. At the time of writing, BTC/USD is attempting to break overhead resistance towards $67,000 after hitting new May highs.
Bitcoin price nearing $67K drives 7-week high volumes for Bitcoin ETFs