Record ETF Volumes Accompany ATH (And Rejection)

The ETFs were unaffected by bitcoin's 14% dip, with TradFi continuing to buy hand over fist.

When will bitcoin put in a new all-time high?

Yesterday's volatility on the crypto markets went hand-in-hand with an all-time high for bitcoin ETF trading volumes. $10 billion was traded across all ten spot ETFs as bitcoin peaked above its old high of $69,000 and promptly dropped $10,000.

A rejection from the all-time high is normal behavior for bitcoin (and other markets). Many traders have bought here at the peak of the last bubble, and sell to break even and move on. Others know that this tends to happen, and front-run any sell-off to buy back lower, amplifying the effect.

In this instance, however, the dip did not last long, with bitcoin bouncing back above $67,000 within a matter of hours.

While some retail traders may have been shaken out, there was a category of buyer who did not stop accumulating.

Boomers Stack While Degens Get Rekt

Trading volumes for the ETFs broke their own records on Tuesday. Collectively, the ten funds did over $10 billion in volume. And, while that might have translated into outflows as boomers panic sold, the reverse was true. Inflows were huge.

BlackRock alone added over 12,000 BTC to their holdings, breaking their own inflow record. Grayscale predictably saw outflows, as it has every single day since conversion to an ETF, but even these were relatively muted by recent standards, with 5,452 BTC leaving GBTC.

This last one is particularly interesting. Grayscale has been losing customers for two months due to their high fees. If anyone was in any doubt about selling, a 14% dip might be considered a good reason for pulling the trigger. While some no doubt did so, it wasn't the bloodbath that it could have been (though recent figures have likely been skewed by Genesis offloading GBTC to pay Gemini's Earn customers).

Overall, over 10,000 BTC were added across the ETFs, making it one of the biggest days for inflows since launch.

Institutions are here, and they're changing the game.


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