-- The proportion of Bitcoin traded over weekends has declined to an all-time low of 16% this year, according to cryptocurrency research firm Kaiko.The drop comes in the wake of the launch of spot Bitcoin exchange-traded-funds, which appears to have shifted the periods when Bitcoin is traded to be more in line with the schedule of traditional equity exchanges and has lowered its price volatility.
Bitcoin ETFs launched with approval from the US Securities and Exchange Commission at the beginning of 2024 and have been a hit with investors ever since, leading the price of Bitcoin to skyrocket to a record high in March. While a portion of those gains have been pared, the largest cryptocurrency is still up about 45% this year to around $61,000.
That’s because market makers can no longer use the banks’ 24/7 payment networks to buy and sell crypto in real time. When Bitcoin last reached record highs in November 2021, volatility surged to almost 106%. After Bitcoin reached an all-time high of $73,798 in March amid optimism about the ETFs, volatility was just 40%.
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