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Piyush Lalsingh Ratnu
Co-relations in action: USD/JPY pair, and gold – in a completely unsurprising way – declined.
And that IS a game-changer, even if many people fail to view it as such.
This time, the trigger came from the inflation numbers that were above the expected levels and the market now is pricing the scenarios in which the Fed doesn’t cut rates as quickly as it had previously been expected.
USD value increases, Gold decreases
In consequence, the U.S. dollar’s value increases while gold decreases. The S&P 500 Index futures declined as well.
The technical set-up was in place for days, and it didn’t really matter what kind of event or statistic triggered the move – it seems that the CPI did the trick, but in reality, the reason for the strength in the USD and the declines in gold and stocks were known previously, based on multiple technical indications. At least those who followed my analyses were prepared.
In my previous analyses, I wrote that it’s quite likely that the rally in gold would continue while the USD/JPY continues to consolidate, and then I expected gold to start to decline once the USD/JPY breaks to new highs.
💠That’s exactly what just happened. The USD/JPY rate just rallied sharply above its 2022 and 2023 highs, and gold turned south.
🟢So far, the slide in gold has been relatively small, just as the size of the rally in the USD/JPY is, but breakouts are important for a reason – this is just the first step of another big climb in the currency rate, suggesting that the decline in gold has only begun.
🆘 XAUUSD: Crucial Zones: CMP: $2334.00
H1AS1 2331
H1A618 2326
H1A100 2300
H1AS2 2300
H4A236 2310
H4AS50 2310
H4A382 2275
H4AR1 (MN PRSR) 2255 zone
H4A618 2222 zone
Crucial Price Stops:
🔻BZ: $2313/2303
🔺SZ: $2366/2376
And that IS a game-changer, even if many people fail to view it as such.
This time, the trigger came from the inflation numbers that were above the expected levels and the market now is pricing the scenarios in which the Fed doesn’t cut rates as quickly as it had previously been expected.
USD value increases, Gold decreases
In consequence, the U.S. dollar’s value increases while gold decreases. The S&P 500 Index futures declined as well.
The technical set-up was in place for days, and it didn’t really matter what kind of event or statistic triggered the move – it seems that the CPI did the trick, but in reality, the reason for the strength in the USD and the declines in gold and stocks were known previously, based on multiple technical indications. At least those who followed my analyses were prepared.
In my previous analyses, I wrote that it’s quite likely that the rally in gold would continue while the USD/JPY continues to consolidate, and then I expected gold to start to decline once the USD/JPY breaks to new highs.
💠That’s exactly what just happened. The USD/JPY rate just rallied sharply above its 2022 and 2023 highs, and gold turned south.
🟢So far, the slide in gold has been relatively small, just as the size of the rally in the USD/JPY is, but breakouts are important for a reason – this is just the first step of another big climb in the currency rate, suggesting that the decline in gold has only begun.
🆘 XAUUSD: Crucial Zones: CMP: $2334.00
H1AS1 2331
H1A618 2326
H1A100 2300
H1AS2 2300
H4A236 2310
H4AS50 2310
H4A382 2275
H4AR1 (MN PRSR) 2255 zone
H4A618 2222 zone
Crucial Price Stops:
🔻BZ: $2313/2303
🔺SZ: $2366/2376
Piyush Lalsingh Ratnu
XAUUSD: CMP $2333.33
M15V382
M30V236 achieved
Retracement observed from
H1A50, H1AS1, M30AS2
Buying at $2323 gave us good results.
Kindly exit LONG Positions.
M15V382
M30V236 achieved
Retracement observed from
H1A50, H1AS1, M30AS2
Buying at $2323 gave us good results.
Kindly exit LONG Positions.
Piyush Lalsingh Ratnu
10.04.2024 | XAUUSD : Daily Price Projection | XAUUSD Analysis | Daily Price Projection | Spot Gold Analysis by Piyush Ratnu
Subscribe to our Telegram channel to receive live analysis without delay
Subscribe to our Telegram channel to receive live analysis without delay
Piyush Lalsingh Ratnu
09.04.2024 | XAUUSD : Daily Price Projection | XAUUSD Analysis | Daily Price Projection | Spot Gold Analysis by Piyush Ratnu
Subscribe to our Telegram channel to receive live analysis without delay
Subscribe to our Telegram channel to receive live analysis without delay
Piyush Lalsingh Ratnu
🟢 Buying at and below M30AS5 gave us good returns.
CMP $2356 | Net pips achieved 1000+
🟢 Exit LONG POSITIONS.
CMP $2356 | Net pips achieved 1000+
🟢 Exit LONG POSITIONS.
Piyush Lalsingh Ratnu
GOLD / XAUUSD: $2424 in 2024? Repeatedly projected since 29.01.2024 by Piyush Ratnu Financial Market Research, Dubai
Gold price is holding the fort near $2,350 early Tuesday, having witnessed good two-way businesses on Monday. Gold price now awaits key US fundamental data for a fresh directional move. In the absence of any top-tier US economic data later on Tuesday, the focus will remain on the speeches from the US Federal Reserve (Fed) policymakers.
Gold price has entered a phase of upside consolidation in the Asian session on Tuesday, as the US Dollar licks its wounds while the US Treasury bond yields hold their corrective downside amid a negative shift in risk sentiment.
Strong US Nonfarm Payrolls data and hawkish Fed commentaries have weighed on the Fed rate cut bets, with markets now pricing in a roughly 50% chance of another hold in June. The hawkish shift in the market expectations has underpinned the recent upsurge in the US Treasury bond yields.
Stock markets trade in positive territory, although gains remain modest amid caution ahead of critical events that may set the tone for the rest of the month. Finally, it is worth adding that the odds for a Federal Reserve (Fed) June rate cut keep decreasing, and major analysts now see July as the date for the first move. Upcoming inflation data will surely be a make-it-or-break for the USD.
A Chinese official reported on Sunday, the Chinese central bank purchased Gold for its reserves for the 17th straight month in March. Bullion held by the PBOC rose to 72.74 million fine troy ounces last month, the official said. Turkey, India, Kazakhstan and some eastern European countries have also been buying gold this year, per Reuters.
Renewed central bank demand for the bright metal sent the Gold price to another record high above $2,350 on Monday, extending its record-setting rally.
Looking ahead, Gold traders will take account of Fedspeak amid a lack of top-tier US economic data. Meanwhile, position adjustment and profit-taking in Gold price cannot be ruled out, as traders gear up for key US inflation report due on Wednesday.
Crucial Price Zones Ahead:
🔻 BZ C: $2323/2288/2266/2244/2222/2200
🔺 SZ R: $ 2363/2383/2407/2424/2445/2469
⚠️ Sudden volatility due to geo-political tensions/Fed statements might push GOLD price to new record highs, it will be wise to keep price gaps: $30 minimum and exit in NAP.
#xauusd #piyushratnu #prdxb #gold #forex #forextrading
Gold price is holding the fort near $2,350 early Tuesday, having witnessed good two-way businesses on Monday. Gold price now awaits key US fundamental data for a fresh directional move. In the absence of any top-tier US economic data later on Tuesday, the focus will remain on the speeches from the US Federal Reserve (Fed) policymakers.
Gold price has entered a phase of upside consolidation in the Asian session on Tuesday, as the US Dollar licks its wounds while the US Treasury bond yields hold their corrective downside amid a negative shift in risk sentiment.
Strong US Nonfarm Payrolls data and hawkish Fed commentaries have weighed on the Fed rate cut bets, with markets now pricing in a roughly 50% chance of another hold in June. The hawkish shift in the market expectations has underpinned the recent upsurge in the US Treasury bond yields.
Stock markets trade in positive territory, although gains remain modest amid caution ahead of critical events that may set the tone for the rest of the month. Finally, it is worth adding that the odds for a Federal Reserve (Fed) June rate cut keep decreasing, and major analysts now see July as the date for the first move. Upcoming inflation data will surely be a make-it-or-break for the USD.
A Chinese official reported on Sunday, the Chinese central bank purchased Gold for its reserves for the 17th straight month in March. Bullion held by the PBOC rose to 72.74 million fine troy ounces last month, the official said. Turkey, India, Kazakhstan and some eastern European countries have also been buying gold this year, per Reuters.
Renewed central bank demand for the bright metal sent the Gold price to another record high above $2,350 on Monday, extending its record-setting rally.
Looking ahead, Gold traders will take account of Fedspeak amid a lack of top-tier US economic data. Meanwhile, position adjustment and profit-taking in Gold price cannot be ruled out, as traders gear up for key US inflation report due on Wednesday.
Crucial Price Zones Ahead:
🔻 BZ C: $2323/2288/2266/2244/2222/2200
🔺 SZ R: $ 2363/2383/2407/2424/2445/2469
⚠️ Sudden volatility due to geo-political tensions/Fed statements might push GOLD price to new record highs, it will be wise to keep price gaps: $30 minimum and exit in NAP.
#xauusd #piyushratnu #prdxb #gold #forex #forextrading
Piyush Lalsingh Ratnu
🍎 Co-relations: Market Reversal in process
.
USDJPY: M30V0.0
XAUUSD: M30V0.0
.
achieved
.
This indicated Market Reversal.
.
Avoid big lots.
.
🆘 Crucial Data tomorrow:
16:30 USD Core CPI (MoM) (Mar) 0.3% 0.4%
16:30 USD Core CPI (YoY) (Mar) 3.7% 3.8%
16:30 USD CPI (YoY) (Mar) 3.4% 3.2%
16:30 USD CPI (MoM) (Mar) 0.3% 0.4%
21:00 USD 10-Year Note Auction 4.166%
22:00 USD Federal Budget Balance (Mar) -180.5B -296.0B
22:00 USD FOMC Meeting Minutes
#Xauusdgold #XAUUSD #forex #prdxb #piyushratnu
.
USDJPY: M30V0.0
XAUUSD: M30V0.0
.
achieved
.
This indicated Market Reversal.
.
Avoid big lots.
.
🆘 Crucial Data tomorrow:
16:30 USD Core CPI (MoM) (Mar) 0.3% 0.4%
16:30 USD Core CPI (YoY) (Mar) 3.7% 3.8%
16:30 USD CPI (YoY) (Mar) 3.4% 3.2%
16:30 USD CPI (MoM) (Mar) 0.3% 0.4%
21:00 USD 10-Year Note Auction 4.166%
22:00 USD Federal Budget Balance (Mar) -180.5B -296.0B
22:00 USD FOMC Meeting Minutes
#Xauusdgold #XAUUSD #forex #prdxb #piyushratnu
Piyush Lalsingh Ratnu
08.04.2024 | XAUUSD : Daily Price Projection | XAUUSD Analysis | Daily Price Projection | Spot Gold Analysis by Piyush Ratnu
Subscribe to our Telegram channel to receive live analysis without delay
Subscribe to our Telegram channel to receive live analysis without delay
Piyush Lalsingh Ratnu
Gold price witnessed a sudden $27 upswing and stormed through the $2,350 barrier to refresh an all-time high at $2,354 in Asian trading on Monday.
Despite easing geopolitical tensions between Israel and Hamas and reducing bets of a June US Federal Reserve (Fed) interest rate cut, Gold price extends its record-setting rally primarily on reports of potential robust Gold purchases by global central banks.
🆘 A Chinese official reported on Sunday, the People’s Bank of China (PBOC) purchased Gold for its reserves for the 17th straight month in March. (As projected in advance by me, buying positions by China might push GOLD to $200+)
Bullion held by the Chinese central bank rose to 72.74 million fine troy ounces last month, the official said.
Meanwhile, markets are expecting robust Gold purchases by global central banks later this year, therefore, advancing their purchases and ramping up Gold price to a new record high. gold demand from central banks totaled 1,037.4 metric tons in 2023, just below the record high set in 2022 at 1,081.9 metric tons, according to the World Gold Council (WGC).
The WGC report showed that global central banks' purchases of gold rose by 19 metric tons in February, up for a ninth consecutive month.
Refer: https://www.gold.org/goldhub/data
🆘 However, it remains to be seen if Gold price sustains the record-setting rally ahead of Wednesday’s Consumer Price Index (CPI) from the United States (US). On Friday, the US economy added 303,000 jobs in March, against expectations of 200,000 job additions and the 275,000 previous figure. Strong US Nonfarm Payrolls number diminished the odds of a June Fed rate cut from about 62% to about 48%, at the moment, according to CME Group’s FedWatch Tool.
Also, easing Middle East geopolitical tensions could act as a headwind to the Gold price upsurge. Egypt’s Al-Qahera News state-affiliated TV channel said early Monday, citing a senior Egyptian source, “progress has been made in discussions in Cairo on a Gaza conflict truce and there is agreement on the basic points between all parties involved.”
Despite easing geopolitical tensions between Israel and Hamas and reducing bets of a June US Federal Reserve (Fed) interest rate cut, Gold price extends its record-setting rally primarily on reports of potential robust Gold purchases by global central banks.
🆘 A Chinese official reported on Sunday, the People’s Bank of China (PBOC) purchased Gold for its reserves for the 17th straight month in March. (As projected in advance by me, buying positions by China might push GOLD to $200+)
Bullion held by the Chinese central bank rose to 72.74 million fine troy ounces last month, the official said.
Meanwhile, markets are expecting robust Gold purchases by global central banks later this year, therefore, advancing their purchases and ramping up Gold price to a new record high. gold demand from central banks totaled 1,037.4 metric tons in 2023, just below the record high set in 2022 at 1,081.9 metric tons, according to the World Gold Council (WGC).
The WGC report showed that global central banks' purchases of gold rose by 19 metric tons in February, up for a ninth consecutive month.
Refer: https://www.gold.org/goldhub/data
🆘 However, it remains to be seen if Gold price sustains the record-setting rally ahead of Wednesday’s Consumer Price Index (CPI) from the United States (US). On Friday, the US economy added 303,000 jobs in March, against expectations of 200,000 job additions and the 275,000 previous figure. Strong US Nonfarm Payrolls number diminished the odds of a June Fed rate cut from about 62% to about 48%, at the moment, according to CME Group’s FedWatch Tool.
Also, easing Middle East geopolitical tensions could act as a headwind to the Gold price upsurge. Egypt’s Al-Qahera News state-affiliated TV channel said early Monday, citing a senior Egyptian source, “progress has been made in discussions in Cairo on a Gaza conflict truce and there is agreement on the basic points between all parties involved.”
Piyush Lalsingh Ratnu
05.04.2024 | XAUUSD : Daily Price Projection | XAUUSD Analysis | Daily Price Projection | Spot Gold Analysis by Piyush Ratnu
Piyush Lalsingh Ratnu
XAUUSD: I had projected $2323 - three days ago.
Those who believed in our analysis, are trading safely!
What about you?
🟢 Read detailed analysis at:
https://www.reddit.com/r/prgoldanalysis/comments/1bu02j2/xauusd_2323_in_next_4_days/
Those who believed in our analysis, are trading safely!
What about you?
🟢 Read detailed analysis at:
https://www.reddit.com/r/prgoldanalysis/comments/1bu02j2/xauusd_2323_in_next_4_days/
Piyush Lalsingh Ratnu
04.04.2024 | XAUUSD : Daily Price Projection | XAUUSD Analysis | Daily Price Projection | Spot Gold Analysis by Piyush Ratnu
Piyush Lalsingh Ratnu
Ideal BUY ORDERS:
H4A382
H4A50
H4A618
H4A100
Refer set: D1 PRSRL
Exit in NAP $3 per set.
H4A382
H4A50
H4A618
H4A100
Refer set: D1 PRSRL
Exit in NAP $3 per set.
Piyush Lalsingh Ratnu
💬💬💬💬💬💬Economic Data Today:
Thursday, April 4, 2024
All Day Holiday China - Ching Ming Festival
All Day Holiday China - Ching Ming Festival
16:30 USD Continuing Jobless Claims 1,791K 1,810K
16:30 USD Exports 263.00B 257.20B
16:30 USD Imports 331.90B 324.80B
16:30 USD Initial Jobless Claims 221K 213K 212K
16:30 USD Trade Balance (Feb) -68.90B -66.90B -67.60B
20:30 USD Atlanta Fed GDPNow (Q1) 2.5% 2.8% 2.8%
22:00 USD FOMC Member Mester Speaks
🆘 Alert: it is CHINESE HOLIDAY today.
Thursday, April 4, 2024
All Day Holiday China - Ching Ming Festival
All Day Holiday China - Ching Ming Festival
16:30 USD Continuing Jobless Claims 1,791K 1,810K
16:30 USD Exports 263.00B 257.20B
16:30 USD Imports 331.90B 324.80B
16:30 USD Initial Jobless Claims 221K 213K 212K
16:30 USD Trade Balance (Feb) -68.90B -66.90B -67.60B
20:30 USD Atlanta Fed GDPNow (Q1) 2.5% 2.8% 2.8%
22:00 USD FOMC Member Mester Speaks
🆘 Alert: it is CHINESE HOLIDAY today.
Piyush Lalsingh Ratnu
XAUUSD (-) 0.71% 🔺 CMP $2287.50
USD S 15
JPY S 26
AUD S 267
US10YT 4.336
DXY 103.760 (-)
USDJPY (-)
⏰ Possible impact: XAUUSD +
USD S 15
JPY S 26
AUD S 267
US10YT 4.336
DXY 103.760 (-)
USDJPY (-)
⏰ Possible impact: XAUUSD +
Piyush Lalsingh Ratnu
⚠️ Buying at H1AS5 gave us neat results: CMP $2288
Net Profit: $3 | 300/lot in 15 minutes
Net Profit: $3 | 300/lot in 15 minutes
Piyush Lalsingh Ratnu
03.04.2024 | XAUUSD : Daily Price Projection | XAUUSD Analysis | Daily Price Projection | Spot Gold Analysis by Piyush Ratnu
Subscribe to our Telegram channel to receive live analysis without delay
Subscribe to our Telegram channel to receive live analysis without delay
Piyush Lalsingh Ratnu
Federal Reserve chairman Jerome Powell said Wednesday most voting Fed participants support lowering interest rates at some point this year, but not until the central bank has greater confidence from incoming data that inflation is on a sustainable move lower.
"If the economy evolves broadly as we expect, most FOMC participants see it as likely to be appropriate to begin lowering the policy rate at some point this year," Powell said in opening remarks ahead of a question-and-answer session at Stanford University.
But a pivot to cuts isn't expected to arrive until "we have greater confidence that inflation is moving sustainably down toward 2 percent," the fed chief said, adding that the Fed has the luxury of waiting because of the strength in the economy and progress on inflation.
The recent data showing that the economy remains solid and inflation surprised to the upside since the turn of the year, muddying the outlook on rate cuts forcing investors to rein in expectations of rate cuts.
But Powell said that the recent data haven't materially changed the Fed's outlook, which continues "to be one of solid growth, a strong but rebalancing labor market, and inflation moving down toward 2 percent on a sometimes bumpy path."
Powell continued to flag the risk for the future monetary policy decision remain two-sided risks -- cutting rates too early, risks undoing the progress on inflation, but keeping rates higher for longer could unduly "weaken economic activity and employment."
Treasury yields dipped following the remarks, dragging the US Dollar Index Futures lower.
🔺 XAUUSD: Today's HIGH: $2298.00
"If the economy evolves broadly as we expect, most FOMC participants see it as likely to be appropriate to begin lowering the policy rate at some point this year," Powell said in opening remarks ahead of a question-and-answer session at Stanford University.
But a pivot to cuts isn't expected to arrive until "we have greater confidence that inflation is moving sustainably down toward 2 percent," the fed chief said, adding that the Fed has the luxury of waiting because of the strength in the economy and progress on inflation.
The recent data showing that the economy remains solid and inflation surprised to the upside since the turn of the year, muddying the outlook on rate cuts forcing investors to rein in expectations of rate cuts.
But Powell said that the recent data haven't materially changed the Fed's outlook, which continues "to be one of solid growth, a strong but rebalancing labor market, and inflation moving down toward 2 percent on a sometimes bumpy path."
Powell continued to flag the risk for the future monetary policy decision remain two-sided risks -- cutting rates too early, risks undoing the progress on inflation, but keeping rates higher for longer could unduly "weaken economic activity and employment."
Treasury yields dipped following the remarks, dragging the US Dollar Index Futures lower.
🔺 XAUUSD: Today's HIGH: $2298.00
Piyush Lalsingh Ratnu
⚡️⚡️⚡️⚡️⚡️⚡️
Bitcoin price on edge as US government seen mobilizing Silk Road funds:
⚠️ Proof:
1. https://www.bloomberg.com/news/articles/2024-04-02/silk-road-linked-us-digital-wallet-moves-bitcoin-analysts-say
2. https://www.nasdaq.com/articles/us-government-preparing-to-sell-30000-silk-road-bitcoin-on-chain-data-shows
3. https://www.coindesk.com/markets/2024/04/02/silk-road-bitcoin-worth-2b-moved-by-us-government-on-chain-data/
4. https://in.investing.com/news/us-government-reportedly-moves-bitcoin-seized-from-silk-road-sparking-sale-speculation-432SI-4104052
5. https://bitcoinmagazine.com/markets/us-government-preparing-to-sell-30000-silk-road-bitcoin-on-chain-data-shows
Bitcoin price remained range-bound on Wednesday, constrained mainly by pressure from a strong dollar as investors grew more uncertain over the path of U.S. interest rates in anticipation of key labor market data this week.
A broader decline in risk appetite- marked by a sharp fall in global stock markets- also pressured Bitcoin, as investors pivoted into safe havens such as the dollar and gold. The greenback 🔺 raced to a 4-½ month high this week, while gold 🔺 prices notched record highs.
Risk appetite- particularly in Asian markets- was also dented by a devastating earthquake in Taiwan, the impact of which remained unclear. But this kept Asian stocks trading negative, while the dollar stemmed a decline from recent peaks.
A potential mass sale event also kept Bitcoin investors on edge, especially as the U.S. government was seen mobilizing part of the 30.1K Bitcoins ($2.1 billion) recovered from the Silk Road marketplace.
🆘 Crypto influencer ZachXBT noted on social media platform X that an address associated with the U.S. government had moved $139 million of Bitcoin to a Coinbase (NASDAQ:COIN) deposit address.
A move onto an exchange could herald a potential sale of the tokens on the open market, presenting some sell-side pressure on Bitcoin. Past crypto seizures by the U.S. government have usually resulted in the government auctioning off the seized tokens.
Trading volumes in Bitcoin ETFs tripled to $110M in March
Bitcoin’s strong price run-up this year- where the token hit a new record high was driven chiefly by the U.S. approval of spot exchange-traded funds.
In March, these funds witnessed a significant surge in trading volume, reaching over $110 billion—tripling the trading volumes seen in January and February—as Bitcoin's value reached new heights.
BlackRock (NYSE:BLK)'s IBIT led the charge, accounting for nearly half of the month's total trading volume, according to Bloomberg Intelligence analyst Eric Balchunas. Close behind, Grayscale's GBTC captured 20% of the market share, with Fidelity's FBTC contributing to 17%.
Bitcoin price on edge as US government seen mobilizing Silk Road funds:
⚠️ Proof:
1. https://www.bloomberg.com/news/articles/2024-04-02/silk-road-linked-us-digital-wallet-moves-bitcoin-analysts-say
2. https://www.nasdaq.com/articles/us-government-preparing-to-sell-30000-silk-road-bitcoin-on-chain-data-shows
3. https://www.coindesk.com/markets/2024/04/02/silk-road-bitcoin-worth-2b-moved-by-us-government-on-chain-data/
4. https://in.investing.com/news/us-government-reportedly-moves-bitcoin-seized-from-silk-road-sparking-sale-speculation-432SI-4104052
5. https://bitcoinmagazine.com/markets/us-government-preparing-to-sell-30000-silk-road-bitcoin-on-chain-data-shows
Bitcoin price remained range-bound on Wednesday, constrained mainly by pressure from a strong dollar as investors grew more uncertain over the path of U.S. interest rates in anticipation of key labor market data this week.
A broader decline in risk appetite- marked by a sharp fall in global stock markets- also pressured Bitcoin, as investors pivoted into safe havens such as the dollar and gold. The greenback 🔺 raced to a 4-½ month high this week, while gold 🔺 prices notched record highs.
Risk appetite- particularly in Asian markets- was also dented by a devastating earthquake in Taiwan, the impact of which remained unclear. But this kept Asian stocks trading negative, while the dollar stemmed a decline from recent peaks.
A potential mass sale event also kept Bitcoin investors on edge, especially as the U.S. government was seen mobilizing part of the 30.1K Bitcoins ($2.1 billion) recovered from the Silk Road marketplace.
🆘 Crypto influencer ZachXBT noted on social media platform X that an address associated with the U.S. government had moved $139 million of Bitcoin to a Coinbase (NASDAQ:COIN) deposit address.
A move onto an exchange could herald a potential sale of the tokens on the open market, presenting some sell-side pressure on Bitcoin. Past crypto seizures by the U.S. government have usually resulted in the government auctioning off the seized tokens.
Trading volumes in Bitcoin ETFs tripled to $110M in March
Bitcoin’s strong price run-up this year- where the token hit a new record high was driven chiefly by the U.S. approval of spot exchange-traded funds.
In March, these funds witnessed a significant surge in trading volume, reaching over $110 billion—tripling the trading volumes seen in January and February—as Bitcoin's value reached new heights.
BlackRock (NYSE:BLK)'s IBIT led the charge, accounting for nearly half of the month's total trading volume, according to Bloomberg Intelligence analyst Eric Balchunas. Close behind, Grayscale's GBTC captured 20% of the market share, with Fidelity's FBTC contributing to 17%.