Spot Bitcoin ETFs recorded a daily trading volume of over $5 billion in the United States on August 5th.
This is the first time that U.S. spot Bitcoin ETFs have exceeded $5 billion since mid-April.
According to DefiLlama, BlackRock’s IBIT recorded nearly $3 billion in trading volume, while Fidelity’s FBTC attracted over $858 million, marking the second-largest trading volume in the U.S.
Despite an outflow of nearly $148 million, Grayscale’s GBTC trading volume surpassed $693 million, making it the third-largest traded ETF of the day.
Eric Balchunas, senior ETF analyst at Bloomberg, emphasized that Bitcoin bulls do not want to see large trading volumes on a bad day, as it is a “fairly reliable measure of fear.”
Notably, the Crypto Fear & Greed Index was in the extreme fear zone on August 5th, reaching 17 out of 100, where 0 represents absolute fear and 100 represents absolute greed. This contrasts sharply with the 74 points recorded just a week ago when Bitcoin closed at $70,000.
However, Balchunas also pointed out that deep liquidity on bad days is also a good indicator.
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