"The price of BTC is not kidding, it's fun to terrorize and continue to rise."
Investors must have been surprised when the price of the king of cryptocurrency Bitcoin (BTC) last night without waiting long continued to climb up to $64,124 before plunging back below the $60,000 level.
This is because BlackRock broke its volume record for the third day in a row where there were more than 96 million shares worth $3.3 billion, so here it can be seen that it was more than twice as much as Tuesday's $1.35 billion which broke Monday's record of $1.3 billion.
Not only that, the 10 spot BTC ETF was also found to have $7.7 billion in trading volume breaking the previous record of $4.7 billion, commented ETF analyst at Bloomberg Intelligence James Seyffart.
In the middle of the trading session, IBIT was the fourth most traded ETF in the United States (US) while three other new spot BTC ETFs were in the top 20 and Seyffart said these numbers were ridiculous.
The 10 newly listed spot ETFs attracted $6.7 billion in net inflows since their debut in January, BitMEX Research said, adding that allocations to spot ETFs this week accelerated by 41 billion in two days with IBIT BlackRock pulling in $520 million in new funds.
Please note that crypto market watchers point to demand for spot BTC ETFs as a significant driving force behind BTC's rise.
As of this writing, BTC price has surged by 7.59% to $61,271 in the last 24 hours with a market capitalization of over $1 trillion and is up 19.09% over the past week.
Through observation, the sharp drop in the price of BTC has caused liquidations of $700 million for all digital assets over the past 24 hours and then resulted in leveraged derivative trading positions flushing out.
