The Spot Bitcoin (BTC) ETF continues to attract the attention of market participants, recording two all-time high trading volumes in the past two days amid the latest Bitcoin upward trend.
As of February 26, the total volume of the seven largest spot Bitcoin ETFs reached $7.64 billion, according to Santiment.
This is the current highest record, surpassing the previous record of $6.15 billion to $1.49 billion. Interestingly, the market hit a high of $6.15 billion on February 25, suggesting that the latest ATH was achieved for the second day in a row.
The current increase in volume comes after a sustained downward trend for the indicator since hitting a high of $4.52 on February 19th. In particular, trading volume continued to decline for three consecutive days, falling to a one-week low of $1.64 billion on February 22. .
During this period, BTC observed significant bearish pressure, which contributed to a decline in interest in spot Bitcoin ETFs. The asset experienced three consecutive intraday losses from February 20-22, falling nearly 3% to the lower spectrum of the $50,000 threshold.
The BTC upward trend has reignited interest in spot Bitcoin ETFs.
The Bitcoin price recovery that began over the weekend has now reignited market interest in spot Bitcoin ETF products. Volumes for these spot Bitcoin ETFs picked up again on Monday, with Bitcoin surging past $54,000, in line with a new week of trading activity.
Santiment points out that this renewed interest can largely be attributed to the increased FOMO surrounding BTC as investors scramble to ride the upward trend. Additionally, amid the surge, 97% of BTC holders are currently profiting from their holdings, leading to massive profit-taking transactions.
Fidelity Investments’ Fidelity Wise Origin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT) stand out among the top seven Bitcoin ETFs, according to data from Santiment. Surprisingly, FBTC recorded a record trading volume of $4.28 billion on February 26, while IBIT hit a new high of $1.25 billion on the same day.
Meanwhile, Bitcoin recently broke the crucial $59,000 mark to regain its previous ATH of $68K. The cryptocurrency asset is currently changing hands at $59,320 and is currently targeting to conquer the $60,000 price range amid huge demand.