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PDAXScope: BTC ETF trading frenzy continues as BTC price nears record

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March 01, 2024

5 min read


(March 1) Check out other fresh news in the crypto world in today’s issue of the PDAXScope. 📰

Crypto News:

Bitcoin ETF Trading Frenzy Continues After Record $673M Net Inflow as BTC Price Nears Record

The trading frenzy among U.S.-listed spot bitcoin (BTC) exchange-traded funds continued Thursday after attracting their biggest single-day net inflow amid Wednesday's busy session. BlackRock's ETF – known as IBIT, which has the second-biggest asset total among bitcoin ETFs – was again among the top 10 most-traded ETFs in the U.S. around midday hours Thursday and posted over $1 billion in trading volume for the fourth consecutive day. Spot bitcoin ETFs attracted $673 million of net inflows Wednesday, the largest single-day allocation since their debut in early January.

Dogecoin Bullish Bets Reach Record $1B

Traders are continuing to use prominent meme tokens as ecosystem bets on their respective blockchains, boosting dogecoin (DOGE) futures to set a record level. DOGE tokens were up as much as 40% before giving back some gains in the past 24 hours as bitcoin (BTC) rallied to over $63,000 from $59,000. Open interest, or the amount of unsettled bets on DOGE futures, increased over 54% since Wednesday, Coinglass data shows, setting a lifetime record of $1 billion in bets involving the tokens. An increase in open interest means new or extra money entering the market. Data shows 70% of traders are long DOGE – expecting it to go higher.

Global News:

Key Fed inflation measure rose 0.4% in January as expected, up 2.8% from a year ago

Inflation rose in line with expectations in January, according to an important gauge the Federal Reserve uses as it deliberates cutting interest rates. The personal consumption expenditures price index excluding food and energy costs increased 0.4% for the month and 2.8% from a year ago, as expected according to the Dow Jones consensus estimates. January’s price rises reflected an ongoing shift to services over goods as the economy normalizes from the Covid pandemic disruptions. Services prices increased 0.6% on the month while goods fell 0.2%; on a 12-month basis, services rose 3.9% and goods were down 0.5%.

China home prices likely to fall 0.9% this year

New home prices in China are likely to fall this year due to the limited effect of ongoing government support measures, a Reuters poll showed, with economists predicting the ailing market will need more than a year to bottom out. The poll, conducted Feb. 20-28, showed new home prices would decline 0.9% in 2024, versus 1.1% growth tipped in a previous poll in November. The property sector was once a key pillar of the world's second-largest economy but has lurched from one crisis to another since 2021 after a regulatory crackdown on high leverage triggered a liquidity crisis.

Local News:

BSP sees faster but still on-target inflation for Feb

Inflation may have picked up in February on the back of costlier food items like rice and higher energy prices, although price growth is still expected to have stayed within the target range of the Bangko Sentral ng Pilipinas (BSP). Inflation last month was estimated to have settled at between 2.8 and 3.6 percent, the BSP said in a statement on Thursday. For this year, the BSP said inflation would ease in the first quarter before potentially soaring above the target anew in the second quarter as favorable base effects fade. From there, price growth is projected to return to the target band in the third quarter to end the year at an average of 3.6 percent, a tad lower than the BSP’s previous baseline forecast of 3.7 percent.

DISCLAIMER: PDAX would like to reaffirm that the statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital assets and their ecosystems.  Trading with any cryptocurrency is subject to the user’s risk and own discretion and must be done after adequate and in-depth research and analysis.  

External links are provided for convenience and for informational purposes. They are not statements of PDAX and PDAX bears no responsibility for the accuracy, legality or content of said links.

For inquiries or complaints, please contact us through the following channels: Chatbot: or (click webchat feature); ‘Customer Support’ webpage at; Email: Please provide us your name, email address, and any other information that we may need to identify you, your PDAX Account, and the particulars of the Order and/or Transaction on which you have feedback, questions, or complaints. If you already have a registered PDAX account, please provide us your registered name and use your registered email address.

The Philippine Digital Asset Exchange  (PDAX), Inc. is an entity regulated by the Bangko Sentral ng Pilipinas (BSP) You may get in touch with the BSP Consumer Protection and Market Conduct Office through the following channels: 


Webchat: (click webchat feature); 


Direct Line: (02) 5306 2584 / (02) 8708 7087; Trunk Line: (02) 8708 7701 loc. 2584;  or SMS: 21582277 (for Globe subscribers only). 

For further details, you may refer to BSP's Inclusive Finance - Consumer Protection.

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