Bitcoin (BTC) ended the week at around $63,100, marking a notable 22% increase from the previous week’s closing price of around $51,725. This week has been particularly active in the first half, with BTC rising significantly from Monday to Wednesday, hitting an all-time high of $64,000 on Wednesday. The price then stabilized later in the week, closing at around $63,100. As of this writing, BTC has regained momentum and is currently trading above $65,000.
The BTC Spot ETF continues to show strong momentum, with cumulative net inflows recorded last week of approximately $1.7 billion, bringing total net inflows since inception to approximately $7.4 billion. Leading the race is the BlackRock Bitcoin ETF (IBIT), which surpassed $10 billion in assets under management (AUM) last week, setting a record as the fastest ETF in history to reach this AUM milestone.
trading volume of BTC spot ETF rises significantly The total trading volume for the week was $22.3 billion, and the average daily trading volume was approximately $4.5 billion. This marked an astonishing 265% increase from his average daily trading volume of $1.7 billion recorded since its inception. Cumulative trading volume currently exceeds $73.9 billion, and average daily trading volume exceeds $2 billion, currently at $2.1 billion.
Similarly, trading volume on centralized digital asset exchanges also surged, with cumulative trading volume reaching $73.4 billion for the week. This was an 80% increase from the previous week's trading volume of $40.7 billion and the highest weekly trading volume since May 2022. This data highlights recent price increases accompanied by high trading activity.
The increase in open interest, which represents the total number of outstanding derivatives contracts against outstanding assets, has been observed both in BTC and in the digital asset market in general, and has been observed in both centralized digital asset exchanges (e.g. Binance, Coinbase, ByBit, etc.) and traditional financial investments. home platform (such as CME). This indicates increased activity from both digital asset native investors and traditional financial investors.
This strong momentum extends beyond Bitcoin to the entire market, with the digital asset's market capitalization now at $2.5 trillion, approaching an all-time high of $3 trillion. Notably, the Total3 index, which represents the market capitalization of the top 125 digital assets by market capitalization, excluding Bitcoin (BTC) and Ethereum (ETH), reached 660 billion yen, reflecting growth of 19.3% week-on-week and 31.5% week-on-week. soared to the dollar. Increase since the beginning of the year. This highlights that the BTC Spot ETF has a broader impact on market momentum beyond BTC price movements.
Examining the total supply of stablecoins can also provide insight into rising demand. During periods of low demand, the supply of stablecoins typically decreases as investors exchange them for fiat currencies such as USD, Pounds, and Euros, thereby reducing the overall circulating supply. . Conversely, stablecoin supply tends to expand during phases of increased liquidity injection into the market. Currently, the total stablecoin supply is approximately $145 billion, reflecting a continued upward trend from approximately $129 billion at the end of September 2023. This confirms the persistence of the strong investor demand observed from Q4 2023 to Q1 2024.
Source: the-blockchain.com
