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Spot Bitcoin ETFs See $7.7 Billion in Daily Trading Volume as BTC Price Races Towards ATH

On Wednesday, US spot Bitcoin ETFs experienced another surge in daily trading volume, reaching a record-breaking $7.7 billion. BlackRock’s IBIT achieved a personal milestone by doubling its previous record for the third consecutive day, with $3.3 billion in trading volume. Similarly, Fidelity’s spot Bitcoin ETF also doubled its prior record, hitting $1.4 billion in trading volume on the same day, according to Bloomberg analyst James Seyffart.

During the day, the price of the leading cryptocurrency briefly soared above $64,000, approaching its all-time high reached in November 2021. Despite a subsequent correction, optimism for a new all-time high remains strong.

As of the time of this writing, Bitcoin is trading at approximately $61,300, marking a 7.6% increase in the last 24 hours and a 20% rise over the past seven days.

“Bitcoin’s IPO Moment”

Hunter Horsley, CEO of Bitwise Asset Management, recently shared on X his perspective on Bitcoin’s trajectory, emphasizing its accelerating momentum after 15 years of existence. He highlighted the significance of spot Bitcoin ETFs, describing them as a pivotal moment that opens the floodgates for the vast resources of the U.S. capital markets to invest in Bitcoin for the first time. According to Horsley, this development expands the market significantly and eliminates the need to wait for new features, facilitating rapid price discovery.

Horsley expressed confidence in Bitcoin’s ability to outpace gold’s total addressable market (TAM) faster than expected, potentially reaching a price of $250,000 much sooner than anticipated by long-time observers. He attributed this potential rapid growth to the accessibility afforded by Bitcoin ETFs, likening it to Bitcoin’s IPO moment where it becomes instantly available to any investor at the click of a button. This accessibility, he noted, has fueled a tenfold increase in the market.

As institutional investors continue to drive the market, Bitcoin appears poised for another all-time high. Institutional buying, particularly through ETFs, is outpacing the daily production of new Bitcoins. Additionally, with the Bitcoin halvening scheduled for April, the supply-demand dynamics are expected to shift once again as the number of newly mined bitcoins is reduced by half.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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