Spot ETFs Impact Bitcoin Weekend Trading – Historic Low Achieved

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Bitcoin market experiences significant developments.
Kaiko’s data reveals a decline in Bitcoin weekend trading to an all-time low of 16% this year.
This decrease coincides with the advent of spot Bitcoin ETFs.

Discover why Bitcoin and Ethereum are seeing quieter weekends, and how ETFs are reshaping crypto trading dynamics.

Bitcoin Trading Volume Dips Amid ETF Influence

Spot ETFs have seemingly aligned Bitcoin trading hours with traditional stock market platforms, leading to reduced BTC price volatility. According to Dessislava Aubert, a senior analyst at Kaiko, the trend of decreasing weekend trading volume has been ongoing for years, but ETFs have accelerated this pattern. Back in 2019, weekend trading accounted for 28% of the total volume. However, continuous declines have brought this figure to its lowest point ever. The decline can be attributed to traditional investors who prefer to trade during weekdays.

Shift in Bitcoin Investment Patterns Due to ETFs

The introduction of spot ETFs has simplified access to Bitcoin through traditional financial markets, reducing the necessity for investors to monitor the market during weekends. Another noteworthy development is the decrease in earnings for Bitcoin miners. Over the past six days, Bitcoin miners have collectively earned less than 2 BTC from Runes transactions. This is a stark contrast to the record of 884 BTC earned on April 24. Additionally, the average daily Runes transactions between June 22 and 28 fell by almost 90% to 37,820, compared to the average of 331,040 transactions from June 9 to 15.

Ethereum Network Fees Hit Record Lows

Significant changes are also happening within the Ethereum network. Data from Coinbase Director Conor indicates that the average Ethereum network fee is currently at its lowest since 2016. This week, 9 of the 10 periods with the lowest average hourly fees, all below 3.3 gwei, were recorded. Specifically, at 4:00 UTC on June 30, the hourly average fee was just 2.94 gwei, marking the second-lowest level in history.

Conclusion

These developments indicate that both Bitcoin and Ethereum markets are experiencing transitional phases. Bitcoin’s trading moving towards weekdays and Ethereum’s decreasing network fees suggest a maturing crypto market. The long-term impacts of these changes remain to be seen, but they mark significant shifts in the landscape of cryptocurrency trading.