Bitcoin, the largest cryptocurrency, has risen 0.3% to $42,771 in the past 24 hours. Despite the recent approval of spot Bitcoin ETFs by the Securities and Exchange Commission, which briefly pushed the price above $49,000, Bitcoin has settled back into its trading range of $42,000 to $44,000.
Although the inflows into these ETFs were estimated at around $800 million in the initial days, some investors may view the scale of these inflows as disappointing. However, the strong trading volumes that these newly approved spot Bitcoin ETFs have generated are a source of optimism for the crypto sector.
In just four days, the approved spot Bitcoin ETFs have recorded trading volumes exceeding $11 billion. Yuya Hasegawa, an analyst at crypto exchange Bitbank, believes that these strong beginnings are supporting market sentiment and the price of Bitcoin.
Moving beyond Bitcoin, Ether, the second-largest cryptocurrency, experienced a slight decline of 0.3% and is currently valued at $2,539. However, it has maintained its gains following the approval of the Bitcoin ETF, prompting speculation that it could be the next digital asset to gain approval for ETFs tied to its spot trading.
As for other smaller cryptocurrencies, Solana saw an increase of 3.4%, while Cardano declined by 1.2%. Dogecoin, on the other hand, witnessed a marginal gain of 0.1%.
In conclusion, despite mixed performances among cryptocurrencies, Bitcoin's strong trading volumes and its ability to maintain its trading range indicate a positive outlook for the market.