BlackRock's spot ETF volume surges as Bitcoin hits $57,000, with all-time high within reach
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BlackRock's spot ETF volume surges as Bitcoin hits $57,000, with all-time high within reach
The influx of funds into spot Bitcoin ETFs has brought new optimism to the market.
Navigating Web3 tides with focused insightsWritten by: Mary Liu, Bitpush News
Big buyers are flooding in. As BlackRock's spot BTC ETF trading volume hits a "crazy" all-time high, Bitcoin surged past $57,000 within the last 24 hours, peaking at $57,537.84—the highest level since December 2021.
Riding on Bitcoin’s rally, Ethereum climbed to as high as $3,290, its peak since April 2022, pushing the total market capitalization of the cryptocurrency market above $2 trillion for the first time in nearly two years.
According to Coinglass data, approximately $162 million worth of crypto short positions were liquidated on Monday and Tuesday—among the largest two-day liquidation records since November 30.
As previously reported by Bitpush News, iShares Bitcoin Trust, managed by BlackRock, recorded a daily trading volume exceeding $1 billion—a new record. On the same day, MicroStrategy disclosed it had recently spent $155 million to purchase around 3,000 additional bitcoins, increasing its total holdings to 193,000 BTC. Bitcoin briefly spiked to $55,000 that day before rising to $57,000 within hours. When MicroStrategy founder Michael Saylor tweeted about the latest purchase, the value of the company's BTC holdings stood at $10.28 billion; it now nears $11 billion—an $800 million increase in less than two days.
According to data from Bloomberg, Bitcoin has outperformed traditional assets such as stocks and gold this year, with the token-to-precious metals price ratio reaching its highest level in over two years.
New Adoption and Spot Bitcoin ETFs
Attitudes toward crypto across industries have shifted. Social media platform Reddit filed for listing on the New York Stock Exchange on February 22, revealing that it has allocated a small portion of its excess cash reserves to Bitcoin investments and will accept Ethereum and MATIC as payment methods for certain virtual goods. In the future, we will likely see more companies adding Bitcoin to their balance sheets.
Spot Bitcoin ETFs have brought renewed optimism to the market, with the total trading volume of all spot Bitcoin ETFs in the U.S. surpassing $3 billion over two consecutive days.
Eric Balchunas, analyst at Bloomberg Intelligence, said that in terms of daily trading volume, BlackRock’s spot ETF ranks 11th among all available ETFs and is among the top 25 overall equities.
Balchunas commented: "A daily trading volume of $1 billion is a high-tier level, sufficient enough for (even large) institutions to take notice." He described the figure as "crazy," especially for a product facing so much competition.
Justin d'Anethan, Head of Asia Partnerships at digital asset market maker Keyrock, said: "BTC supply is limited... but the demand unleashed by U.S. spot ETFs appears massive."
Robinhood is one of the brokerages offering 11 spot Bitcoin ETFs. The company mentioned during its February earnings call: "There's been strong interest in the ETFs."
Robinhood CFO Jason Warnick said: "We believe it increases overall market interest in cryptocurrencies and brings liquidity to the market. So we're very pleased with the Bitcoin ETFs."
Token movements on centralized exchanges also reflect rising demand for BTC. Bitfinex analysts noted: "Large withdrawals exceeding 18,000 BTC from Coinbase have brought the platform’s Bitcoin reserves to their lowest level since 2017. The redistribution of these withdrawn coins into new wallets indicates bullish investor behavior."
The Halving Catalyst
Another major catalyst for the surge is Bitcoin’s upcoming halving in April. This process slows the release of Bitcoin by cutting mining rewards in half. With a maximum supply capped at 21 million BTC, 19 million have already been mined.
Manuel Villegas, digital asset analyst at Julius Baer, stated in a report that after the April halving—when miners’ block rewards drop from 6.25 BTC to 3.125 BTC—overall supply will further contract, and scarcity "will reach even more severe levels."
Villegas wrote: "Overall, we see Bitcoin fundamentals as very strong and believe prices are well-supported at current levels, with potential for further upside."
Katie Stockton, founder of Fairlead Strategies, said in a Bloomberg interview: "Given Bitcoin’s breakout and positive medium-term momentum, we expect Bitcoin to avoid any significant pullback."
Mikkel Morch, founder of digital asset investment fund ARK36, said: "In a world where digital currencies are increasingly becoming pillars of a new financial paradigm, the recent surge in Bitcoin and Ethereum prices has been both strong and rapid. With Bitcoin breaking past the $57,000 mark—reaching a peak unseen in two years—we are witnessing a watershed moment in the crypto space. Most optimistically, we may see a new all-time high in the coming weeks."
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