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How Coinbase Sold $7.7 Billion BTC on Bitcoin ETF Launch Day

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Coinbase recorded a staggering $7.7 billion in Bitcoin (BTC) over-the-counter (OTC) trading volume today. 

This milestone marks the second-highest level in history. It also signifies a pivotal moment for the crypto sector following the approval of spot Bitcoin ETFs (exchange-traded funds).

Coinbase Sells $7.7 Billion in Bitcoin

The remarkable transaction volume is widely believed to be connected to the recent approval of spot Bitcoin ETFs. The crypto exchange’s overall BTC daily trading volume also hit a new peak. It reached $52 billion, which is the highest since March 21, 2023.

Coinbase OTC Trading Volume
Coinbase OTC Trading Volume. Source: CryptoQuant

The approval of multiple Bitcoin ETFs has sparked widespread interest and optimism within the cryptocurrency community. Brian Armstrong, CEO of Coinbase, commented on this historic decision by the Securities and Exchange Commission (SEC), highlighting the significance of this development for Coinbase and the broader crypto industry.

“This is a monumental step for the crypto industry and for Coinbase,” Armstrong said in a recent interview. He pointed out that the decision is a long-awaited acknowledgment from the government and the SEC, in particular, that cryptocurrencies are a permanent and legitimate asset class. 

Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

Armstrong also emphasized the potential influx of new capital into Bitcoin due to these ETF approvals.

“This ETF is really about unlocking new pools of capital that weren’t previously available. [Institutions] didn’t have a way to get exposure to crypto. Now, they can come in and get exposure to Bitcoin. That’s great! New pools of capital come in. That’s kind of the first step in people’s journey around crypto,” Armstrong added. 

While Armstrong refrained from commenting on Coinbase’s recent surge in transaction volumes, this notable increase implies that institutions might already be strategically positioning themselves in anticipation of future developments. 

This was evident within 30 minutes after spot Bitcoin ETFs trading went live, a total of $1.2 billion in trading volume was recorded. The rising demand propelled the price of BTC to $48,555, which is the highest level since late December 2021. 

Bitcoin Price Performance
Bitcoin Price Performance. Source: TradingView

Still, this new milestone is not just about the numbers. It is about the gradual yet undeniable integration of cryptocurrencies into the global financial system, paving the way for a more inclusive and diversified financial future.

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