Bitcoin ETF trading volumes surge to the highest point in 7 weeks as the price of BTC approaches $67K.

Bitcoin (BTC) is experiencing a surge in trading volumes for its new institutional investment products, with nearly 1,000 US firms purchasing Bitcoin exchange-traded funds (ETFs). According to data from research firm Santiment, daily spot Bitcoin volumes have surpassed $5 billion. This week, the seven largest US spot ETFs recorded a total volume of $5.65 billion, the highest since March 24. This increase in volume indicates a shift from whales accumulating onchain to broader market participation. Hedge fund manager Thomas Kralow views this surge in trading activity as a positive indicator for the market. The spot ETFs have been performing well in May, with positive inflows every day. Even the Grayscale Bitcoin Trust (GBTC), which previously experienced outflows, saw modest interest. Furthermore, 937 US firms had exposure to Bitcoin ETFs in Q1, compared to only 95 firms for gold ETFs during their first quarter after launch. Trading firm QCP Capital believes that Bitcoin’s price action, along with genuine institutional and sovereign adoption, will lead to a bullish continuation. There is increasing bullish sentiment for BTC/USD, with predictions of new all-time highs and even $95,000. At the time of writing, the pair is attempting to break through overhead resistance at around $67,000. As always, readers should conduct their own research and exercise caution when making investment decisions.