US Market Hours See Record Surge in Bitcoin Trading Volume

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    <p>(Bloomberg) -- A cryptocurrency research firm reports that a record proportion of Bitcoin trades are now happening during U.S. market hours, representing 46% of the total volume for the current year up through April.</p>
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    <p>Findings indicate that the increased trading activity could be tied to the recent advent of spot Bitcoin exchange-traded funds (ETFs), with trading volumes spiking at the start and end of the U.S. market hours. Kaiko Research attributes this to the ETFs, which establish their net asset value at the end of each trading day on U.S. stock markets, thus improving the efficiency of pricing and arbitrage opportunities. Thursdays have been highlighted by Kaiko as the weekday witnessing the highest percentages of trading in these times, almost hitting 15% of the total daily volume.</p>
    <p>Since their inauguration four months prior, these ETFs have seen close to $13 billion in net inflows, signifying one of the most remarkable launches ever within the industry. However, the pace of inflows has declined in May with a net of only $925 million entering the ETFs, Bloomberg data indicates. The cryptocurrency space is currently preoccupied with the possibility of the U.S. regulators approving or disapproving ETFs that would directly invest in Ether, which is the second-largest digital currency. The Securities and Exchange Commission is expected to reach a verdict on an application for a spot-Ether ETF by the 23rd of May.</p>
    <p>Continue Reading: Renewed Excitement Over Ether ETFs as Firms Update Applications</p>
    <p>The volume of Bitcoin traded during the U.S. market hours has generally returned to the levels seen in 2022, yet Asian market hour volumes have been noticeably lower, according to data from Kaiko.</p>
    <p>As for Bitcoin’s performance during U.S. trading times, Toby Winterflood, the chief product officer at CCData, notes that the volatility is somewhat subdued compared to non-U.S. hours.</p>
    <p>Winterflood explains, "The data clearly demonstrates the influence that ETFs exert not only on how Bitcoin aligns with the S&P but also on its possible divergence from other alternative coins and cryptocurrencies. We might not witness a shift in this pattern until, perhaps, an ETF for Ether is also authorized."</p>
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