Bitcoin ETF Trading Volume Hits 4-Week High, Reaching the Highest Level Since May 15th

Bitcoin ETF outflow reaches $200 million breaking 19-days streak of net inflow. Analysts foresee 75% Bitcoin price surge to $120k despite current market dip.

Bitcoin exchange-traded fund (ETF) saw a significant surge in trading volume, reaching its highest level since May 15th. According to market intelligence platform Santiment, the combined trading volume for the top seven largest Bitcoin ETFs reached approximately $2.89 billion.

This recent surge in volume is noteworthy, as it provides insights into investor sentiment and market trends. The data from the top seven ETFs, including GBTC, IBIT, FBTC, ARKB, BTCO, BITB, and HODL, shows a substantial increase in trading activity.

When these volume spikes occur, there is more of a chance of prices making a turnaround. This latest spike was likely a dip buy reaction. Do you expect a bounce?

The latest surge in volume, reaching $2.89 billion, follows a previous peak in volume on March 5th, which stood at an impressive $11.13 billion. The latest increase in volume suggests a renewed interest among investors, possibly indicating a dip-buying reaction.

However, U.S. spot Bitcoin exchange-traded funds saw net outflows of $200 million on Tuesday, continuing the trend from Monday, which marked the end of their 19-day streak of net inflows.

Leading this charge, Grayscale experienced the largest net outflows, totaling $121 million, followed by Ark Invest with $56 million in net outflows.

Meanwhile, cryptoquant author Axel Adler pointed out that interest in Bitcoin from retail investors has dropped to the lowest level in five months, which is interesting considering the recent price drop.

The average monthly change in demand for bitcoins from retail investors <$10K has fallen to -17%. A similar previous drop to -18% ended with an increase from 40K to 70K.

Adler notes a significant -17% average monthly change in Bitcoin demand among retail investors (<$10K). Previously, a similar -18% drop led to Bitcoin’s price skyrocketing from $40K to $70K after the approval of spot Bitcoin ETFs in the U.S.

Adler suggests that while retail demand for Bitcoin may currently be low, historical trends hint at the potential for a 75% surge, possibly propelling Bitcoin’s price to around $120k in the coming months.