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Today marks a significant milestone as the total trading volume for Bitcoin ETFs reaches $4.69 billion. The ongoing surge in Bitcoin’s value is fueling excitement, and this week, ETFs are capitalizing on the momentum. With Bitcoin currently surpassing $60,000 following a substantial surge in the past week, BlackRock’s Spot Bitcoin ETF takes the lead in trading volume at $1,881,560,590. Grayscale closely follows, achieving a Thursday trading volume of $1,360,694,512.

 

 

 

The surge in Bitcoin’s price and the concurrent rise of Spot BTC ETFs are undoubtedly interconnected. Additionally, the upcoming Bitcoin Halving is likely contributing to this surge. The Halving involves splitting the total available Bitcoin in half, maintaining BTC’s elevated price compared to other cryptocurrencies. As the Halving approaches, Bitcoin’s positive price reaction attracts increased investment from both investors and banks.

 

 

 

Major banks like Wells Fargo and Bank of America’s Merrill are now offering these products to their wealth clients, and there are indications that Morgan Stanley may follow suit soon. Despite some banks expressing bearish sentiments about Bitcoin post-halving, the prevailing trend suggests that the wave for Bitcoin is gaining momentum. The widespread availability of Spot Bitcoin ETFs in the market, coupled with their strong performances this week, indicates a growing interest that is likely to continue expanding.

 

 

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