Bitcoin Exchange Surge Signals ETF Interest
Market intelligence firm Glassnode observed a substantial surge in crypto exchange flows, hinting at potential institutional readiness for the potential approval of Bitcoin (BTC) ETFs.
According to their recent analysis, the 30-day simple moving average (SMA) of Bitcoin flows in and out of exchanges skyrocketed from $930 million at the beginning of the year to over $3 billion currently, marking a remarkable 220% increase.
This surge in on-chain volume signifies a notable uptick in investor interest to engage with exchanges, be it for trading, accumulation, speculation, or other services they offer.
Additionally, Glassnode highlighted a noteworthy uptrend in the average size of Bitcoin deposits into exchanges, nearing the previous peak of $30,000 per deposit.
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This surge indicates a trend of larger sums of money being moved by investors, potentially signaling mounting institutional interest as crucial ETF decision dates loom closer in January 2024.
James Seyffart, an ETF analyst at Bloomberg, recently speculated that the U.S. Securities and Exchange Commission (SEC) might be preparing to greenlight multiple applications for a spot BTC exchange-traded fund in the early days of January.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
