US market hours have witnessed an unprecedented surge in Bitcoin trading volumes, accounting for 46% of the cumulative volume from January to April. This surge is primarily driven by the launch of spot-Bitcoin exchange-traded funds (ETFs) in January. Kaiko Research reveals that Bitcoin trading spikes at the beginning and close of US trading hours, aligning with the calculation of net asset values for the ETFs. Thursdays have emerged as the busiest day for Bitcoin trading during US hours, contributing nearly 15% of the daily volume. While Bitcoin trading has rebounded to 2022 levels during US hours, Asian trading hours witness significantly lower volume, highlighting the growing influence of US market activities on Bitcoin dynamics. The launch of spot-Bitcoin ETFs has attracted nearly $13 billion in net inflows since its debut four months ago, making it one of the most successful product categories in the industry’s history. Bitcoin’s performance during US market hours reflects lower volatility compared to previous periods, potentially detaching it from other altcoins. However, Bitcoin’s demand seems to be picking up again, with a cumulative net flow of $542.9 million recorded in the past two days alone. Bitcoin’s unique position within the market is underscored by its lower volatility compared to other cryptocurrencies, which have shown higher returns but also greater volatility.
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Spot-Bitcoin ETFs Drive Unprecedented Trading Volumes During US Hours
