Analysts: 15% of Bitcoin Spot Trading Is From US ETFs
The analysts at Coinbase, David Duong and David Han, suggest that focusing solely on spot Bitcoin exchange-traded funds (ETFs) in the short term could divert attention from more significant emerging trends in the crypto landscape post-ETF era.
In their report titled "Monthly Outlook: Post-ETF Trading Themes" released on Feb. 8, they highlight an "overestimation" of the immediate impact of the $1.46 billion inflow into spot Bitcoin ETFs in January.
Despite the notable milestone of spot Bitcoin ETFs launching and their perceived importance in the crypto economy, they represent only a small fraction, accounting for "only 10-15%" of the total Bitcoin spot trading volume on centralized exchanges (CEX) globally.
These ETFs currently hold approximately 650,000 BTC, constituting just 3% of the total outstanding Bitcoin supply.
While the spot Bitcoin ETFs traded about $1.3 billion on Feb. 8, amounting to around 4.4% of Bitcoin traded on CEXs over the past 24 hours, the analysts believe other significant crypto themes have emerged post-ETF launches.
These include the increasing activity in decentralized finance (DeFi), which could significantly enhance the value proposition for Ether.
With 58% of the total DeFi value locked on the Ethereum blockchain, the analysts view ETH strength as one of the three key emerging themes in the industry alongside DeFi growth and the potential selling pressure on Bitcoin miners as the halving approaches.
The analysts anticipate that the Bitcoin halving in April might have a negative impact on mining economics, potentially increasing selling pressure on miners as margins narrow and less excess profit can be retained in Bitcoin.
However, they note that the full impact of miner selling may not be immediate.
Sources:
https://cointelegraph.com/news/bitcoin-etfs-btc-spot-trading
https://coinmarketcap.com/currencies/bitcoin/
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