The United States Bitcoin ETF Market Sees Decrease in Trading Volume

The United States Bitcoin ETF Market Sees Decrease in Trading Volume

The United States spot Bitcoin exchange-traded fund (ETF) market experienced a decline in daily trading volume, with only $779.87 million recorded on Monday. This drop in trading volume marks the third lowest level, following the records set on February 5th and 6th.

According to SOFA.org’s Head of Insights, Augustine Fan, the low trading volume is a reflection of the current market sentiment, which has remained subdued since the recent sell-offs. The decrease in trading volume can also be attributed to factors such as summer holidays and diminishing concerns about an impending recession, as indicated by recent data. Investors are adopting a cautious approach and are awaiting further signals from the Federal Reserve’s Jackson Hole meeting later this week.

BlackRock’s IBIT led the daily trading volume metrics with $450.53 million, outperforming other similar products in the market. The ETF also saw an inflow of $92.68 million on Monday, the highest among its counterparts. Fidelity’s FBTC followed closely behind, with a daily trading volume of $134.51 million and an inflow of $3.87 million. These two Bitcoin ETFs were the only ones that saw inflow records, possibly due to the endorsement of prominent industry leaders and the availability of investment options for clients.

While BlackRock and Fidelity performed well in terms of inflows, Bitwise’s BITB saw an outflow of $25.7 million, the highest among all ETFs on Monday. Invesco’s BTCO also experienced an outflow of $8.84 million, indicating a shift in investor sentiment towards these particular ETFs.

The United States Bitcoin ETF market has seen a decrease in trading volume, reflecting the cautious approach adopted by investors in response to market conditions. As the market awaits further cues from the upcoming Federal Reserve meeting, it will be interesting to see how trading volumes and investor sentiment evolve in the days ahead.

Crypto

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