All articles tagged with #trading volumes
Coinbase reported a significant increase in third-quarter profit driven by higher trading volumes amid sector volatility, with transaction revenue doubling and stablecoin-related income rising, reflecting broader adoption and favorable policies.
Robinhood's shares surged over 11% in premarket trading after reporting a significant increase in user activity during February, with equity trading volume jumping 36% to $80.9 billion, options contracts traded increasing 12% to $119.1 million, and crypto volumes growing 10% to $6.5 billion. Broker Bernstein initiated coverage of the stock with an outperform rating and a $30 price target, citing a bullish outlook on the "monster" crypto cycle and projecting a nearly tripled total market cap of $7.5 trillion by 2025.
BlackRock's iShares Bitcoin ETF (IBIT) acquired a record 12,600 bitcoin worth over $778 million on Tuesday, surpassing previous daily highs and recording trading volumes of more than 107 million shares. The big inflows came as bitcoin hit a new all-time high of $69,000 before sharply reversing, prompting a modest recovery to the $63,000 area late in the U.S. trading day. The BlackRock ETF now holds more than 183,000 bitcoin, making it the most popular bitcoin ETF with assets under management of about $12 billion, followed by Fidelity’s FBTC at $7.2 billion. Overall, ETF volumes broke the $10 billion mark, with bitcoin trading just under $66,000 as of U.S. morning hours on Wednesday.
Bitcoin ETFs hit a record daily trading volume of $7.6 billion, with BlackRock leading at over $3.3 billion, putting pressure on major brokers like Morgan Stanley to offer them. Demand for Bitcoin ETFs remains high, prompting investment firms to consider adding them to their platforms. The surge in trading volumes coincided with Bitcoin breaking the $63,000 barrier, with Grayscale and Fidelity also reporting significant volumes. Despite the high volumes, Grayscale experienced outflows, and market makers attribute the surge to natural demand rather than algorithmic or arbitrage trading.
Bitcoin exchange-traded funds (ETFs) have seen a surge in trading volumes as retail investors join the cryptocurrency rally, with the iShares Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, and ARK 21Shares Bitcoin ETF all experiencing record-high trading activity. The increased interest in these ETFs indicates that retail traders are using them to participate in the bitcoin rally, with the cryptocurrency surpassing the $60,000 mark for the first time since November 2021. Despite the significant price increase of bitcoin since the approval of these ETFs, retail traders are actively buying and selling the funds, contributing to the surge in trading volumes.
VanEck's Bitcoin ETF, HODL, experienced a 2,200% surge in trading volumes, reaching over $400 million on Tuesday, ahead of a planned fee reduction. The ETF now holds nearly $200 million worth of bitcoin and ranks third in daily volume behind Grayscale’s GBTC and BlockRock’s IBIT. The surge in trading volumes, driven by individual traders, suggests signs of a retail mania, with Bloomberg Intelligence analyst Eric Balchunas speculating that the increase may be influenced by social media recommendations.
Bitcoin surged to nearly $45,000, reaching a four-week high, driven by increased open interest on BTC contracts and record highs in U.S. equity indexes, while spot trading volumes across centralized crypto exchanges rose to levels last seen in June 2022. Ether also gained, reaching a two-week high, and evidence suggests that Blackrock and Fidelity's spot bitcoin ETFs have an advantage over Grayscale in terms of liquidity metrics.
Bitcoin was on the rise while other cryptocurrencies traded mixed, with exchange-traded funds tied to spot trading of Bitcoin showing strong trading volumes but not significantly impacting the digital token's price, providing some optimism for the crypto market.
Solana's cryptocurrency token, SOL, is nearing $100 as the frenzy around meme coins continues to drive its rally. Solana's fast transactions, low fees, and the issuance of meme coins have attracted traders, with trading volumes and network fees surpassing those of Ethereum. The value locked in Solana applications has also surged, reaching $1.3 billion. Despite selling pressure from the bankruptcy estate of FTX, SOL has gained over 830% this year. The popularity of meme coins, such as dogwifhat (WIF), has further fueled the interest in Solana. Analysts expect SOL's outperformance to continue, driven by retail investor interest and the growth of the Solana blockchain.
Bitcoin and Ethereum are experiencing a decline in trading volumes, with both cryptocurrencies on track for their worst quarter since 2019. Bitcoin's spot trading volumes for the current quarter have reached $721.10 billion, potentially marking a 14% decline compared to the previous quarter. Ethereum's trading volumes are also down, with a cumulative quarterly volume of just over $650 billion if September's volumes reach approximately $220 billion. The drop in trading volumes is attributed to spot market liquidity suffering and a lack of depth in the spot order book, according to industry reports.
Bitcoin Cash (BCH) has surged over 30% in the past 24 hours, reaching a 14-month high of $320, following the debut of Fidelity, Charles Schwab, and Citadel-backed EDX Markets. The surge is supported by increased trading activity on South Korea's Upbit exchange, with the BCH/KRW pair registering a trading volume of $557.63 million in the past 24 hours. The enthusiasm for BCH being offered by an exchange backed by prominent institutions has spread to the far east. The rally in BCH can be attributed to a combination of hope and greed, typical ingredients that fuel market movements in the cryptocurrency space.
Investment bank Berenberg has said that Coinbase shares are "uninvestable" in the near term due to the weak second-quarter 2023 trading volumes and the negative overhang created by the SEC lawsuit against the crypto exchange. Berenberg maintained its hold rating on the stock and slashed its price target to $39 from $55. The SEC's desired remedy would probably require the complete closure of Coinbase's core business in the U.S., and this will also weigh on the shares, the report added.
Bitcoin and Ether prices remain stable below their 20-day moving average, with funding rates on perpetual futures remaining positive, indicating bullish sentiment. Trading volumes will be key to watch, as they could amplify or mute any directional move. Bid/ask spreads are wide, especially after some market makers quit crypto. In traditional finance, stock-market action was muted as traders try to handicap the odds of whether U.S. lawmakers can agree on a plan to avoid a default by the federal government.
Bitcoin liquidity on Binance has decreased by more than half since February due to the removal of the zero-fee promotion and the recent banking failures. This has led to increased volatility in the market, with thin order books on exchanges providing room for wild price swings from large orders. Despite favorable conditions, such as a positive CPI report and market expectations of an interest rate cut by the U.S. Federal Reserve, Bitcoin failed to stage an uptrend likely due to poor liquidity.
Cryptocurrency exchange Coinbase posted a smaller-than-expected loss in Q1 2022, thanks to cost cuts and diversification of revenue sources. The company has benefited from its deal with One River Digital Asset Management and launched new products to scale blockchain. Trading volumes more than halved to $145 million, while retail trading volumes sank 72%. Coinbase shares have risen nearly 40% this year as cryptocurrencies gain some ground.