Record volumes and price on highs in October

Bitcoin closed the month of October with a 11 percent net gain and reached its second-highest monthly closing price ever.

The apex cryptocurrency closed at $70,200 on Friday, March 24. Only the March 2024 closing price was higher, at $71,300.

CoinMarketCap data shows that Bitcoin volumes were also very high in October. According to the data, over $1.25 trillion in BTC was traded on centralized exchanges in October alone. This is almost equal to Bitcoin’s total market capitalization.

CoinMarketCap data also shows that derivatives exchanges handled around 80 percent of the total trading volume, while only about 20 percent was generated by the SPOT market.

CoinShares data also shows that Bitcoin ETFs saw over $45 billion in trading volume in October. This figure is still低い compared to the total trading volume, but it is increasing rapidly in comparison to the SPOT market trades.

CoinShares also reported that over $5.4 billion was added to the assets under management (AUM) of ETFs in October. Notably, almost all of it ($4.6 billion) entered the market through IBIT, Blackrock’s ETF, which now has over 433,000 Bitcoins under management.

With this AUM, which now exceeds $30 billion, the IBIT ETF has entered the global rankings of ETFs. In the rankings, which are led by SPY, the main benchmark ETF for the Standard & Poor’s 500 Index, IBIT is ranked sixty-seventh. This ranking highlights the significance of Bitcoin in the market, as it is being tracked by one of the top ETFs in the world.