Bitcoin (BTC) maintains a price above $66k, currently sitting at $66,270 with a 1% decrease in the past day, according to CoinMarketCap.

Bitcoin's price trajectory displays continued volatility as the halving event approaches in two weeks.

The Bitcoin halving event occurs approximately every four years, with the upcoming event in April set to reduce rewards to around 3.125 BTC per block.

Surge of Spot BTC ETF Trading Volumes in March

In March, spot Bitcoin ETF trading volumes peaked at $111 billion, nearly tripling the volume from February. Notably, BlackRock's IBIT and Grayscale's GBTC ETFs were prominent in the market.

ETF analyst Eric Balchunas from Bloomberg noted the substantial increase in spot Bitcoin ETF trading volume, reaching $111 billion in March compared to $42.2 billion in February.

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The launch of these Bitcoin investment products in January, with the first full month of trading in February, saw a significant increase in trading volume in March, indicating rising interest in spot Bitcoin ETFs.

BlackRock's IBIT remains dominant in the market, while Grayscale's GBTC has witnessed over $15 billion in total outflows, notably with a reported $300 million outflow on April 1.

Movement of Silk Road Bitcoin

Recently, a cryptocurrency wallet linked to the U.S. Department of Justice (DOJ) purportedly conducted a test transaction with Coinbase Prime.

The wallet reportedly contains $2 billion worth of Bitcoin associated with funds seized by the DOJ from Silk Road, a now-defunct dark web marketplace.

In 2020, the DOJ began the official process of confiscating this cryptocurrency, valued at over $1 billion initially.