Friday, May 17, 2024: Bitcoin Price Today is $66,310, experiencing a significant uptick in Bitcoin ETF volumes among its new institutional investment products, with nearly 1,000 U.S. firms having purchased Bitcoin exchange-traded funds (ETFs).
According to data from research firm Santiment, shared on X (formerly known as Twitter) on May 16, daily spot Bitcoin ETF volumes have exceeded $5 billion. This surge marks a notable increase since the BTC/USD pair hit its all-time high of $73,800. The seven largest U.S. spot ETFs collectively managed $5.65 billion in volume this week, the highest since March 24.
Institutional Interest and Market Sentiment
Sentiment highlighted this trend, noting that “gone are the days of whales only accumulating onchain,” and describing the current Bitcoin ETF volumes as “picking up major steam.” Hedge fund manager Thomas Kralow echoed this sentiment, stating, “This surge in trading activity is a very positive indicator for the market!” He shared this bullish outlook with his followers on X.
The positive momentum in the spot ETFs has been consistent throughout May, with inflows recorded every day of the week leading up to May 17. Notably, the Grayscale Bitcoin Trust (GBTC), which had previously seen significant outflows, recorded modest interest with $27 million and $4.6 million in inflows on May 16 and 17, respectively. This data is corroborated by sources including the UK investment firm Farside.
Growing Institutional Adoption
Further emphasizing the trend, Form 13F filings reveal that in Q1, 937 U.S. firms had exposure to Bitcoin ETFs. This contrasts sharply with the initial adoption rate of gold ETFs, which attracted only 95 firms in their first quarter post-launch.
Trading firm QCP Capital provided a bullish forecast in its latest update to Telegram channel subscribers, citing several factors for continued bullish momentum, including “genuine institutional and sovereign adoption” and Bitcoin exiting its halving period. The firm noted, “We had multiple sharp v-shape recoveries whenever Bitcoin dipped under 60k, which makes it a buy-the-dip zone.”
Earlier, as reported an increasing bullish sentiment regarding BTC/USD, with projections of new all-time highs and potential targets as high as $95,000. Data from TradingView showed the BTC/USD pair attempting to breach the overhead resistance toward $67,000 at the time of writing, after reaching new May highs the previous day.
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