Spot Bitcoin ETFs Approved by SEC, Leading to Market Movement
The US Securities and Exchange Commission (SEC) has finally approved all 11 spot Bitcoin ETFs, resulting in a diverse market movement. The first day of trading for these approved ETFs saw almost $4.6 billion worth of shares traded. On the second day, trading volumes remained steady, pushing the cumulative volume over $7.6 billion.
BlackRock’s Dominance in Spot ETF Holdings
After two days of ETF trading, statistics show that BlackRock holds the highest total Bitcoin asset in its ETF. On the first day, BlackRock had a net inflow of $111.7 million, falling behind Bitwise and Fidelity. However, on the second day, BlackRock had the highest net inflow of $386 million, bringing its total inflow to $497.99 million.
Current State of Bitcoin ETFs
The dynamics between the first and second days of trading revealed a decrease in trading volume and net inflow. While the first day ended with almost $4.6 billion in trading volume and a $625.8 net inflow, the second day saw trading volume fall to just over $3.1 billion and a lower net inflow of $205 million.
The Grayscale Bitcoin Trust experienced significant outflows on both days, with a net outflow of $95.1 million on the first day and over $484 million on the second day.
Hot Take: BlackRock Leads Spot ETF Inflows as Bitcoin ETFs Make Impact
Spot Bitcoin ETFs have made their mark in the market with significant trading volumes and inflows within the first two days. BlackRock emerged as a dominant player with nearly $500 million in net inflows, showcasing its position in the Bitcoin ETF landscape. However, market analysts had projected even higher numbers for the ETFs, indicating that there is still room for growth and development in this space. With the approval of spot Bitcoin ETFs, the financial world is taking a step towards a new era of technological revolution.
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