Bitcoin Trading Volume Surges as Investors Anticipate Approval of ETF

- The prospect of a spot Bitcoin exchange-traded fund being approved within the next few months has led to a resurgence of activity across the cryptocurrency ecosystem as investors look to position themselves ahead of the next major crypto market bull run.

“A lot of this rise has been driven by Bitcoin trading, as we see the 7-day moving average of spot volume for BTC pairs reaching $9.58 billion on October 26th, also the highest since March, consistent with the broader trend,” they said. “Ether spot volume has only risen to $3.05 billion, the highest it's been since May. Compared to October 1st, Bitcoin’s spot volumes are up 2.7 times higher compared to just 2 times higher for ether, which is still quite high.

The analysts said last week’s move higher “falls in line with a general ‘we’re so back’ sentiment that seems to have kicked off in the crypto market” following the false spot BTC ETF report. “If the market like that again when an actual approval comes through , then it does make sense that people would be trying to pile in ahead of that,” they said.

“We can see this trend more evidently looking at the 30-day correlation between Bitcoin and the S&P 500, Nasdaq Composite, and gold,” they said.“In late August, Bitcoin was holding a strong positive correlation to all three assets as all markets seemed to face a steep sell-off, with China’s real estate market showing signs of trouble and the U.S. bracing for what seemed to be a highly probable shutdown,” the analysts wrote. “But now, Bitcoin is showing a 0.

They said that while it's likely there will “come a time again when Bitcoin is heavily correlated to equities,” in times of crisis, “Bitcoin is looking like a better asset to speculate on than a stock index.” “That being said, a surge in Wikipedia views is indicative of more interest coming from more casual investors,” they said. “While it doesn’t mean that a slew of retail traders are ready to start jumping back into crypto again after the fallouts of 2022, it does seem like more people are at least thinking about it.”

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