Friday, 19 July 2024

Crypto News

Record $10B Bitcoin ETF trading volumes as $7.7M investments pour onto Bitcoin Dogs

Bitcoin Dogs

  • Record trading volumes on spot ETFs have been linked to profit-taking. 
  • Bitcoin Dogs rides Bitcoin price trends cemented by its Web 3.0 utility.
  • Over $7.7 million has been raised in Bitcoin Dogs presale.

Record ETF trading volumes and BTC cooling off from its record price are two events keenly watched this week. The latest data shows the total trading volume on the 10 spot ETFs surpassed $10 billion. The record trading volumes highlight increased activity on Bitcoin. Nonetheless, buying trends are observed on Bitcoin Dogs, which saw more than $7.7 million in presale. With 9 days to the end of the presale, analysts expect Bitcoin Dogs price to skyrocket after listing.

Record trading volumes spot ETF volumes vs. Bitcoin price

It has been a busy week for Bitcoin after it reached its all-time high above $69,000. However, BTC price cooled off at this crucial market level. At the time of this publication, the world’s largest cryptocurrency had lost an intraday of 2.70%. The cryptocurrency was exchanging hands at $66,716.

Meanwhile, the ten listed spot Bitcoin ETFs inked a new record of $10 billion in trading volume. The volume breached last week’s daily record. Nonetheless, there is a difference in the two trading volumes.

Last week’s record volumes were attributed to large inflows into ETFs. This coincided with a surge in the price of Bitcoin, helping the cryptocurrency to claim its 2021 record. However, the new record trading volumes have been associated with heavy profit-taking. 

New data shared by Bloomberg ETF analyst Eric Balchunas showed that the $BITI ETF blew its record by most. This is not a surprise since it is a short Bitcoin ETF. Conversely, the decline in the price of Bitcoin goes unnoticed, cementing the selling hypothesis. Investors might be locking in some profits after Bitcoin remained bullish for a large part of the month. 

Bitcoin Dogs: A presale sensation breaches $7.7B

Just as Bitcoin continues to rattle crypto markets, Bitcoin Dogs is riding on this sentiment. It is not usual to witness a presale that is barely 3 weeks raise more than $7.7 million. Being the first BRC-20 token, investors have been attracted to the token riding on the legacy Bitcoin network. Even as inflows into Bitcoin ETFs continue, Bitcoin Dogs attract suitors. But let’s look beyond its parent, Bitcoin.

Bitcoin Dogs is a utility token, and…

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