The last few days have also seen outflows from the legacy GBTC slow to a trickle with yesterday's net inflow over $500 million...

Volumes have been relatively stable but we do note that volumes are switching from fund to fund. Last week we saw a surge in volumes in HODL and as Bloomberg's ETF guru, Eric Balchunas (@EricBalchunas) points out, this week has seen a rising interesting in IBIT:

"Another thing about $IBIT volume that's notable is the amt of pre-market activity..

check this out, it's already seen $80m traded... only 5 ETFs have seen more activity ahead of mkt open. Unprecedented for 2mo-old ETF.

$BITO in 9th place makes me think lot of arb volume going on."

This has all helped push bitcoin back above $57,000 for the first time since Nov 2021...

Ethereum has actually been outperforming bitcoin in recent days but after tagging the ETF launch spike highs, its is relatively underperforming today...

In fact, as CoinTelegraph reports, Bitcoin short sellers are nursing millions in losses after Bitcoin rocketed upward by nearly 11% to briefly notch a new yearly high of $57,000.

According to data from crypto data platform CoinGlass, over $161 million in BTC shorts were liquidated in the last 24 hours. Traders looking to gain short exposure to Ethereum didn't fare much better, with liquidations reaching almost $44 million within the same timeframe. More than $268 million in short positions were liquidated as Bitcoin briefly touched $57,000.

More than $270 million in short positions were liquidated in total as the market spiked upward.

In a statement to Cointelegraph, Swyftx lead analyst Pav Hundal described the crypto market as being "on fire right now."

"We're at average per-person trade volumes in retail that we last witnessed at the top of the last bull run in November 2021, plus institutional buying pressure is immense," he said.

"Exchange Traded Funds alone are cannibalizing close to a quarter of the Bitcoin that is currently being produced by the network," Hundal added.