Spot Bitcoin (BTC) ETFs have continued to attract interest from market participants, having recorded two new all-time highs in trading volumes over the past two days amid the latest Bitcoin uptrend.
According to Santiment, the combined trading volume for the seven largest spot Bitcoin ETFs stood at $7.64 billion as of Feb. 26.
This figure represents the current record high, having surpassed the previous record of $6.15 billion by $1.49 billion. Interestingly, the market witnessed the $6.15 billion high on Feb. 25, suggesting that the latest ATHs were attained in two consecutive days.
The current uptick in trade volume comes after a period of sustained downtrend in this metric since a $4.52 high on Feb. 19. Notably, volume saw three consecutive days of persistent declines, collapsing to a one-week low of $1.64 billion on Feb. 22.
Within this period, BTC observed significant bearish pressure, which contributed to the reduced interest in spot Bitcoin ETFs. The asset experienced three straight intraday losses from Feb. 20 to 22, dropping by nearly 3% to the lower spectrum of the $50K threshold.
BTC uptrend rekindles interest in spot Bitcoin ETFs
The recovery in Bitcoin’s price, which began over the weekend, has now rekindled market interest in spot Bitcoin ETF products. As Bitcoin surged past $54,000 on Monday, coinciding with a new week of trading activity, these spot Bitcoin ETFs have seen a rejuvenation of volume.
Santiment notes that this renewal of interest could largely be attributed to increased FOMO surrounding BTC, as investors scramble to ride on the uptrend. In addition, amid the surge, 97% of BTC holders are now seeing profits on their holdings, resulting in massive profit-taking trades.
Per data from Santiment, Fidelity Investments’ Fidelity Wise Origin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT) have stood out among the seven largest Bitcoin ETFs. Impressively, FBTC saw a record volume of $4.28 billion on Feb. 26, while IBIT witnessed a new high of $1.25 billion on the same day.
Meanwhile, Bitcoin recently breached the pivotal $59,000 in the push to reclaim the previous ATH of $68K. The crypto asset currently changes hands for $59,320, with its eyes currently set on conquering the $60,000 price point amid the massive demand.
