Record-Breaking Debut: U.S. Spot Bitcoin ETFs Garner $4.6 Billion in Trading Volume

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.


How To

Tips for Investing in Gold

Investing in Gold is a popular investment strategy. There are many advantages to investing in Gold. There are many ways you can invest in gold. Some people purchase physical gold coins. Others prefer to invest their money in gold ETFs.

Before you purchase any type or gold, here are some things to think about.

  • First, make sure you check if your country allows you own gold. If so, then you can proceed. You can also look at buying gold abroad.
  • Secondly, you should know what kind of gold coin you want. You can go for yellow gold, white gold, rose gold, etc.
  • Thirdly, it is important to take into account the gold price. It is best to begin small and work your ways up. You should diversify your portfolio when buying gold. Diversifying your portfolio includes stocks, bonds, mutual funds, real estate, commodities, and mutual funds.
  • Lastly, you should never forget that gold prices change frequently. It is important to stay up-to-date with the latest trends.


By: Kevin Helms
Title: Record-Breaking Debut: U.S. Spot Bitcoin ETFs Garner $4.6 Billion in Trading Volume
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Published Date: Fri, 12 Jan 2024 00:30:00 +0000

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