Following a federal court ruling that the U.S. Securities and Exchange Commission (SEC) must review its rejection of Grayscale Investments’ attempt to convert the Grayscale Bitcoin Trust (GBTC) into an ETF, Bitcoin’s average trade size on most exchanges jumped to its highest point since June. According to data from Kaiko, the average trade size for Bitcoin on crypto exchange Kraken increased to above $2,000 on Tuesday after the ruling, from around $850 the day prior. This could suggest large traders are more active, said Dessislava Aubert, an analyst at Kaiko.
As the market’s confidence in a Bitcoin spot ETF approval increased, the price of Bitcoin climbed more than 7%, topping $28,000 at one point on Tuesday afternoon after the Grayscale news broke. The price has since pulled to just above $27,900. This is one of the largest hourly moves since Terra (the other one was the Aug 17 selloff). This is partly due to low liquidity, said Aubert. For now, overall volumes did not spike that much and are at their highest level since the Aug 17 selloff.