Bitcoin, once notorious for its erratic price swings, has entered a period of uncharacteristic tranquility. This shift is accompanied by a decline in critical metrics, including a historic low in weekend trading volume, as revealed in a report by Kaiko research. The data suggests that the cryptocurrency's wild weekends may be a relic of the past, with trading volume on Saturdays and Sundays plummeting to unprecedented levels.

In 2019, weekend trading accounted for a significant 28% of Bitcoin's total trading volume. However, this figure has dwindled to a mere 16% in 2024, indicating a profound change in the market's dynamics. The launch of spot Bitcoin ETFs is identified as a key factor contributing to this decline. Unlike crypto markets, which operate around the clock, ETF trading is confined to stock market hours, Monday through Friday.

The report highlights a notable increase in Bitcoin trading during the benchmark fixing window (3-4 pm New York time) in the fourth quarter of 2023, coinciding with the launch of spot Bitcoin ETFs. This window has become the second most popular time for bitcoin trading, but only on weekdays. The creation and redemption of ETFs require buying and selling Bitcoin during this fixing window to reflect the benchmark price accurately.

The introduction of spot Bitcoin ETFs has significantly altered the cryptocurrency's trading landscape. As the market adapts to these new investment vehicles, Bitcoin's once-volatile nature appears to be giving way to a more subdued trading environment. While this shift may be attributed to various factors, the influence of spot ETFs on Bitcoin's trading patterns is undeniable. As the market continues to evolve, it remains to be seen whether Bitcoin's newfound stability will persist or if the cryptocurrency will revert to its more tumultuous past.