US Bitcoin and Ether spot ETFs recorded nearly $6 billion in volume amid market turmoil on August 5.
According to data from CoinGlass, Bitcoin spot ETFs recorded a total daily volume of $5.24 billion on the day, with more than half coming from BlackRock’s iShares Bitcoin Trust (IBIT).
Spot Ether ETFs recorded $715.3 million in volume , led primarily by Grayscale’s Ethereum Trust (ETHE) and BlackRock’s iShares Ethereum Trust (ETHA).
Total volume between the two spot crypto ETFs amounted to $5.96 billion.
In a post on X earlier in the trading day, Bloomberg’s ETF analyst warned that “crazy volume” during market crashes is often “a pretty reliable measure of fear.”
“On the other hand, deep liquidation on bad days is part of the reason traders and institutions love ETFs, so you also want to see high volume , which is good for the long term,” he explained.
The cryptocurrency market began to plunge on August 4 when news broke that Jump Trading had moved hundreds of millions of Ether to exchanges. Prices fell sharply yesterday after the Nikkei plummeted and Japanese Yen arbitrage was removed, with Bitcoin falling below $50,000 in early U.S. trading on August 5.
Bitcoin has since recovered somewhat and is currently trading at $55,810, according to data from CoinMarketCap.
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