BlackRock Bitcoin ETF Sees $4.5 Billion in Trading Volume
On the first trading day of the BlackRock Bitcoin ETF, it recorded over $4.5 billion in trading volume. While Grayscale dominated the market with about $1.9 billion, the other ETF providers had a much smaller share. BlackRock’s iShare Bitcoin Trust (IBIT) did not gain as much traction as expected, holding only 11,439 BTC valued at over $497 million.
Despite this, BlackRock CEO Larry Fink is pleased with the success of the Bitcoin ETF and plans to launch a spot Ethereum ETF soon.
Bitcoin Price Fluctuates After ETF Launch
However, the price of Bitcoin has not performed as expected since the launch of the spot Bitcoin ETF. Currently valued at $42,785.44, Bitcoin reached $46,000 before the SEC announced its support for the ETF.
Various factors have contributed to the downward trend in Bitcoin’s price, including the liquidation of Grayscale Bitcoin Trust (GBTC). Despite this, some experts remain optimistic about Bitcoin’s future, with crypto analyst Michaël van de Poppe predicting a potential price of $600,000 in the near future.
Hot Take: BlackRock’s Bitcoin ETF Launch Falls Short of Expectations
The launch of BlackRock’s Bitcoin ETF has seen significant trading volume but fell short of projections. While Grayscale led the market, BlackRock’s iShare Bitcoin Trust did not gain substantial traction. Additionally, the price of Bitcoin has fluctuated since the ETF’s launch and has yet to be positively impacted. However, there is still optimism among some experts regarding Bitcoin’s future potential.
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