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Blackrock's Debut in US Spot Bitcoin ETFs Sees $4.6 Billion Trading Volume on First Day, Including $1 Billion in Investment

Blackrock’s Debut in US Spot Bitcoin ETFs Sees $4.6 Billion Trading Volume on First Day, Including $1 Billion in Investment

Trading Frenzy for U.S. Spot Bitcoin ETFs

On their first day of trading, U.S. spot bitcoin exchange-traded funds (ETFs) caused a trading frenzy, accumulating a total trading volume of $4.6 billion. The world’s largest asset manager, Blackrock, had an impressive debut with its Ishares Bitcoin Trust (IBIT), reaching over $1 billion in trading volume. Fidelity Wise Origin Bitcoin Fund (FBTC) also performed well with a trading volume of $712 million.

Grayscale’s Bitcoin ETF Leads the Pack

Grayscale’s spot bitcoin ETF, which converted from its bitcoin trust (GBTC), recorded a substantial trading volume of $2.3 billion. Despite not being completely new, Grayscale’s ETF volume impressed analysts. Bloomberg ETF analyst Eric Balchunas described the day as “easily the biggest Day One splash in ETF history” and highlighted the significant number of individual trades made.

SEC Approves 11 Spot Bitcoin ETFs

After years of anticipation, the Securities and Exchange Commission (SEC) finally gave the green light to 11 spot bitcoin ETFs. All of these ETFs began trading on Thursday. However, SEC Chair Gary Gensler clarified that this approval should not be seen as an endorsement of bitcoin itself. Gensler continues to urge investors to be mindful of the risks associated with investing in crypto assets.

Hot Take: Record-Breaking Debut for U.S. Spot Bitcoin ETFs

In a historic debut, U.S. spot bitcoin ETFs made a resounding impact with a total trading volume of $4.6 billion. Leading the pack, Blackrock’s Ishares Bitcoin Trust and Grayscale’s converted bitcoin ETF showcased impressive trading volumes of over $1 billion and $2.3 billion, respectively. This remarkable performance on Day One has been deemed the largest splash in ETF history by industry experts. With the approval of 11 spot bitcoin ETFs, the SEC acknowledges the growing demand for cryptocurrency investment options. However, cautionary notes from SEC Chair Gary Gensler highlight the need for investors to exercise prudence when venturing into the world of digital assets.

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Blackrock's Debut in US Spot Bitcoin ETFs Sees $4.6 Billion Trading Volume on First Day, Including $1 Billion in Investment