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18 Dec

Record $2.3B in Bitcoin ETF Trades as BTC Rockets to $49K, Then Plummets Below $46K

At 11 a.m. Eastern Time (ET) on Jan. 11, 2024, the newly launched spot bitcoin exchange-traded funds (ETFs) boasted a remarkable trading volume of $2.3 billion. However, in a dramatic turn of events later that afternoon, bitcoin’s spot markets experienced a steep decline, with prices falling below the $46,000 mark following a short-lived ascent to $49,000.

Bitcoin Reaches $49K High Before Dropping, as ETFs Record $2.3B in Trades by Mid-Day

Earlier in the day, at approximately 9 a.m. (ET), bitcoin (BTC) reached a peak value of $49,048 on Bitstamp. This surge to the $49K level was short-lived, as BTC’s value plummeted, dropping beneath the $46K barrier to a low of $45,700 per unit. Shortly after 11 a.m. (ET), Bloomberg’s Senior ETF Analyst, Eric Balchunas, revealed that the new spot bitcoin ETFs, along with Grayscale’s GBTC, had collectively reached a trading volume of $2.3 billion.

“The 10 fresh spot bitcoin ETFs have seen $1.3b in trading volume so far (as a group they already topped BITO’s record). If we add in GBTC we get to $2.3 [billion],” Balchunas said. “And if we add in BITO (which is having record day too but isn’t part of ‘spot’ race) we get $3.5b for the complex,” he added. Since then, BTC’s spot market price has been an absolute rollercoaster ride.

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