On their highly anticipated first day of trading, U.S. spot bitcoin exchange-traded funds (ETFs) made a remarkable entrance, accumulating a staggering total trading volume of $4.6 billion. Among the top performers were Blackrock, the world's largest asset manager, with over $1 billion in trading volume for its Ishares Bitcoin Trust (IBIT). Additionally, the Fidelity Wise Origin Bitcoin Fund (FBTC) garnered a significant trading volume of $712 million.
Grayscale's Conversion Sparks Enthusiasm
Grayscale's spot bitcoin ETF, which underwent a conversion from its bitcoin trust (GBTC), recorded an impressive total trading volume of $2.3 billion. Bloomberg ETF analyst Eric Balchunas, commenting on the situation, highlighted the fact that Grayscale's bitcoin ETF volume is not entirely new. Nonetheless, he expressed optimism, stating, "Good sign to see 4 issuers over $100m. Strong middle class in the works." Balchunas further emphasized that this debut marked the largest Day One splash in ETF history.
Further elaborating on the trading frenzy, Balchunas revealed that there were approximately 700,000 individual trades made throughout the day, involving the 11 spot ETFs. To put this into perspective, he compared it to the trading activity of $QQQ, noting that while $QQQ sees higher dollar volumes due to larger institutional investors, the spot bitcoin ETFs attracted a significant amount of grassroots action, which is highly encouraging.
SEC Approval and Gensler's Caution
The Securities and Exchange Commission (SEC) granted approval for 11 spot bitcoin ETFs on Wednesday, marking a milestone moment after years of anticipation. However, SEC Chair Gary Gensler was quick to clarify that the approval of these ETFs is not an endorsement of bitcoin itself. Gensler continues to advise investors about the inherent risks associated with investing in crypto assets.
What are your thoughts on the debut of U.S. spot bitcoin ETFs? Share your opinions in the comments section below.
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By: Kevin Helms
Title: Record-Breaking Debut: U.S. Spot Bitcoin ETFs Garner $4.6 Billion in Trading Volume
Sourced From: news.bitcoin.com/us-spot-bitcoin-etfs-rack-up-4-6-billion-in-trading-volume-on-day-1-blackrock-debuts-with-1-billion/
Published Date: Fri, 12 Jan 2024 00:30:00 +0000
