Bitcoin Surges Past $57K Amidst Record Spot ETF Volumes

Bitcoin surged past the $57,000 mark, marking its highest point since November 2021, as the rally gained momentum. On Monday, spot ETFs recorded unprecedented volumes as Bitcoin experienced a 6% surge during U.S. trading hours.

During the early hours of Tuesday in Asia, Bitcoin surpassed several significant milestones, reaching $57,000 for the first time in months. At the time of reporting, Bitcoin slightly retraced to $56,500, maintaining a strong 9% gain over the past 24 hours.

The rally ignited during Monday’s U.S. session, with Bitcoin surpassing $53,000 for the first time since November 2021. Subsequently, the cryptocurrency climbed above $54,000, and during the U.S. evening and early Asia morning, it rapidly breached $55,000, $56,000, and $57,000 levels within minutes.

The upward momentum in Bitcoin drove significant activity in U.S.-based spot Bitcoin ETFs. Excluding Grayscale’s GBTC, the group recorded a historic trading volume of $2.4 billion on Monday, as reported by Bloomberg.

Bitcoin Recovers!

Despite the fervent trading activity, GBTC witnessed its smallest one-day outflow of Bitcoin since the launch of spot ETFs on January 11, shedding only 921 tokens.