BTC Trading Volume Spikes to a 2-Week-High Following Grayscale’s Victory

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Grayscale’s recent court win against the United States Securities and Exchange Commission (SEC) boosted the entire cryptocurrency market. Bitcoin was among the big gainers, whose price touched $28,000 for the first time since mid-August.

According to the crypto analytics platform – Santiment – its trading volume has also surged to a two-week-high of over $30 billion. 

The Grayscale Effect

As analyzed by Santiment, the landmark court victory has resulted in a spike in trading volumes for numerous cryptocurrencies, including some of the biggest by market capitalization.

Ethereum’s (ETH) trading volume soared above $10 billion at one point on August 30, while Ripple’s native token – XRP – recorded over $1 billion. 

Still, Bitcoin (BTC), which was at the center of the lawsuit between Grayscale and the SEC, stole the show. Trading volume involving the primary cryptocurrency followed the asset’s price increase, surpassing $30 billion for the first time since August 17.

BTC Trading Volume
BTC Trading Volume, Source: Santiment

Interestingly, the surge back then was caused by BTC’s plummeting valuation below $26,000, explained by Santiment as a “buy-the-dip” event. 

Subsequently, the entity argued that things should settle if the price of the leading digital asset remains in the $27K-$28K range. “Higher or lower volatility is more likely,” it concluded.

Best-Case Scenario for Crypto After Grayscale’s Triumph?

The cryptocurrency industry is on a winning streak against the SEC following Ripple’s success and the recent victory of Grayscale. Earlier this week, the US Court of Appeals for the DC Circuit ordered the American regulator to “vacate” its decision to reject the conversion of the digital currency asset manager’s Bitcoin Trust into a spot exchange-traded fund that tracks the performance of the asset. 

The magistrate’s ruling infused high enthusiasm across the crypto community, with some believing this could be a pivotal moment before America finally sees the launch of a spot BTC ETF.

Numerous experts have argued over the past several months that the birth of such a monetary product in the world’s largest economy could provide easier access to Bitcoin’s ecosystem and act as a price catalyst.

Financial giants, including BlackRock, WisdomTree, Invesco, and more, have displayed ambitions to introduce a spot BTC ETF. As CryptoPotato reported earlier this week, the SEC is expected to approve, reject, or delay their applications in the following days. 

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