Finance

"March Madness: Bitcoin ETFs Triple in Trading Volume Amidst Market Shifts"

In March, the trading volume for spot Bitcoin ETFs soared to an impressive $111 billion, marking a near threefold increase from February's figures. This unprecedented surge highlights the dynamic shifts within the cryptocurrency market, notably the redistribution of market share from Grayscale Bitcoin Trust (GBTC) to iShares Bitcoin Trust (IBIT) by BlackRock. Analysts point to a decrease in sector activity, potentially linked to Bitcoin's price dip and the anticipation of the upcoming halving event.

Eric Balchunas, a senior analyst at Bloomberg Intelligence, reported the remarkable March 2024 trading volumes for ten spot Bitcoin ETFs, emphasizing the significant market evolution since January 2024. Before January, investors primarily had access to Grayscale Bitcoin Trust (GBTC), which later transitioned into an ETF.

Data from The Block corroborates Balchunas' findings, charting a steady growth in spot Bitcoin ETF trading volumes from $28.26 billion in January to $42.21 billion in February, culminating at $110.71 billion in March 2024. Meanwhile, analysis from SoSo Value indicates a recent downturn in sector activity, with a net inflow of funds into spot Bitcoin ETFs reaching only $39.47 million on April 2, 2024.

The capital outflow from GBTC exceeded $15 billion, a portion of which found a new home in BlackRock's iShares Bitcoin Trust (IBIT), as detailed by Balchunas. This shift may be attributed to the significant price drop in Bitcoin, coupled with the looming halving event, tentatively scheduled for April 19, 2024. This event is keenly anticipated as it historically impacts Bitcoin's value and mining dynamics, adding another layer of complexity to the evolving cryptocurrency landscape.

ECB tries to save EU economy - central bank will be flexible in reinvesting PEPP program

The pandemic has left persistent vulnerabilities in the eurozone economy that contribute to the uneven normalization of our monetary policy among different countries, the ECB said. The ECB has instructed Eurosystem committees and ECB services to accelerate the development of a new mechanism to combat fragmentation. Why it matters. Rising

Price for oil price cap yet to be determined, head of European Commission

"The EU is ready in principle to go to the oil price cap," von der Leyen added. Earlier, the head of the U.S. Treasury Yellen said that the U.S. is not against the purchase of oil by India above the price cap. The WSJ also reported citing sources

U.S. officials forced to roll back plan to limit Russian oil prices - Bloomberg

India and China - Russia's most important trading partners - will not participate, Bloomberg sources said. The price cap plan is still alive after all. However, the price cap will be higher than previously thought. Earlier, U.S. Treasury Secretary Yellen said the price ceiling could be in the range

Read next