The price of Bitcoin has been holding steady, trading for $52,246.31 at the time of writing—a 0.3% drop from the same time yesterday. But the weekly gains Bitcoin has made are nothing to sniff at.

Bitcoin has posted a 12% gain since this time last week and seen its average weekly trading volume rebound in a big way. So far this year (and unsurprisingly) BTC saw $36.4 billion average volume—its highest since the start of the year—the same week that 10 spot Bitcoin ETFs began trading.

In the weeks after, when traders were unloading billions worth of GBTC shares in a sell-the-news wave, trading volumes dipped. But even before this current week has ended, CoinGecko data shows that average trading volume for the week could again top $30 billion for the first time since Bitcoin ETFs got their start.

Trader optimism is showing up in other ways, too.

In Bitcoin derivatives markets, call options (contracts used to bet that Bitcoin’s price will increase) have far outnumbered puts (contracts used to bet it will go down). At the time of writing, CoinGlass data shows 65% of the options open interest in calls, although in the past 24 hours the split has been an even split.

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Author: Stacy Elliott

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