Bitcoin ETFs Debut with Impressive Volume
Day one for the newly minted spot Bitcoin ETFs is in the books—and it did not disappoint. The freshman BTC funds managed to clear $4.5 billion worth of volume and hit a few standout milestones.
Wall Street Investors Show Appetite for Bitcoin
The appetite for Bitcoin from Wall Street investors, who can now gain exposure to BTC without holding the asset directly, was indeed there all along. BlackRock’s iShares Bitcoin Trust, which trades on the Nasdaq under the IBIT ticker, almost cleared $1 billion worth of volume by itself. It accounted for 22% of the total volume across all 10 spot Bitcoin ETFs on Thursday.
BlackRock’s IBIT Closes Down
Despite a strong showing in the morning, BlackRock’s IBIT closed the day trading at $26.62—down 4.6% from its open. The fund saw a frenzied start but lost some steam as the day went on.
Newly Trading Spot BTC Funds Change During the Day
The list of newly trading spot BTC funds changed during the day, losing one of its entrants. Hashdex received permission from the SEC for its Hashdex Bitcoin Futures ETF to be converted to a spot BTC fund, but it hasn’t followed through on the change yet.
Grayscale Bitcoin Trust Sets All-Time High Volume
Crypto-native digital asset manager Grayscale notched an impressive milestone of its own. The company’s Grayscale Bitcoin Trust saw an all-time high daily volume of 56 million shares on Thursday.
Hot Take: Strong Start for Bitcoin ETFs
The debut of Bitcoin ETFs has been a strong one, with impressive volume and milestones achieved. Wall Street investors have shown their appetite for Bitcoin, and despite some fluctuations, the overall performance has been positive. The market also saw changes in the list of newly trading spot BTC funds during the day. Additionally, Grayscale Bitcoin Trust set a new record for daily volume. Overall, this debut indicates promising prospects for the future of Bitcoin ETFs in the market.
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