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.

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 Ste

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Author: Bary Rahma

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