Bitcoin (BTC) sees a ‘spike’ in volumes of its new institutional investment products –

Bitcoin (BTC) is seeing a “bump” in volumes of its new institutional investment products – with nearly 1,000 US companies buying Bitcoin exchange-traded funds (ETFs).

Data from research firm Santiment uploaded to X (formerly Twitter) on May 16 showed that daily spot Bitcoin trading volumes exceeded $5 billion.

In one day, seven Bitcoin ETFs, with a volume of $5.65 billion

Bitcoin ETFs have seen a lack of performance since BTC/USD reached all-time highs of $73,800.

As Santiment reveals, this week saw the seven largest US spot ETFs manage $5.65 billion in volume between them – the highest level since March 24.

“The days of whales just accumulating on the chain are over,” Santiment wrote in his comments, describing the volume as “gaining significant strength.”

In response, hedge fund manager Thomas Kralow was equally optimistic.

“This increase in trading activity is a very positive indicator for the market!” Tell X’s followers about the data.

Bitcoin ETF data. Source: Santiment/X

Spot ETFs enjoyed a return to form as May continued, with positive inflows every day this week from May 17.

Even the Grayscale Bitcoin Trust (GBTC), previously known for significant outflows, saw modest interest totaling $27 million and $4.6 million on May 16 and 17, respectively, according to data from sources including British investment firm Farside.

Bitcoin (Btc) Sees A 'Spike' In Volumes Of Its New Institutional Investment Products -
Bitcoin ETF flows (screenshot). Source: Farside

Additionally, Form 13F filings now show that in the first quarter, 937 U.S. companies had exposure to Bitcoin exchange-traded funds. By contrast, during the first quarter after launch, gold ETFs attracted only 95 companies.

BTC price action “clearly” identifies $60,000 support

Looking at where Bitcoin’s price action might go from here, trading firm QCP Capital has seen several factors align to prompt a continuation of the uptrend.

Related: New Vanguard CEO Says Bitcoin ETF Not on the Table: Report

In the latest update sent to Telegram channel subscribers, QCP highlighted “real institutional and sovereign adoption,” as well as Bitcoin now exiting the halving period.

“We had several sharp V-shaped recoveries when Bitcoin dropped below 60K, clearly making it a low buy zone.”

Earlier, Cointelegraph reported on increasing bullish conviction on the Bitcoin price against the dollar, with calls for new all-time highs and even $95,000 to come next.

Bitcoin (Btc) Sees A 'Spike' In Volumes Of Its New Institutional Investment Products -
BTC/USD daily chart. Source: Trading View

Data from Cointelegraph Markets Pro and TradingView showed that the pair is trying to break the general resistance towards $67,000 at the time of writing, after hitting new May highs the previous day.

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.

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