Newly Approved Bitcoin ETFs See Over $4 Billion in First-Day Trades
On their first day in the market, spot Bitcoin exchange-traded funds (ETFs) experienced an impressive trading volume of over $4 billion. Grayscale Bitcoin Trust alone accounted for more than half of this total, contributing over $2.3 billion. BlackRock’s iShares Bitcoin Trust and Fidelity’s Fidelity Wise Origin Bitcoin Fund followed closely behind, with trading volumes of $1 billion and $700 million respectively.
Hashdex’s Bitcoin ETF Yet to Hold Spot Bitcoin
Valkyrie, WisdomTree, and Hashdex had lower first-day trading volumes, all below $10 million. Hashdex has clarified that its spot Bitcoin ETF is currently a futures product and does not hold any spot Bitcoins. However, the firm plans to change its investment strategy to include spot Bitcoin in its portfolio.
Elizabeth Warren Voices Concerns about SEC Approval
US Senator Elizabeth Warren has criticized the Securities and Exchange Commission’s decision to approve spot Bitcoin ETFs. She raised concerns about the lack of adherence to anti-money laundering regulations in these financial products. Warren believes that if cryptocurrencies are going to play a larger role in the financial system, it is essential that they follow basic anti-money laundering rules.
In December 2023, Warren expressed opposition to the lobbying efforts of the crypto community in a letter to the United States Blockchain Association.
Hot Take: Elizabeth Warren Criticizes SEC as Bitcoin ETFs Record Over $4 Billion in First-Day Trades
US Senator Elizabeth Warren has voiced her concerns regarding the Securities and Exchange Commission’s approval of spot Bitcoin ETFs. While these ETFs saw an impressive trading volume of over $4 billion on their first day, Warren argues that the SEC should have ensured compliance with anti-money laundering regulations. She believes that as cryptocurrencies become more integrated into the financial system, it is crucial for them to follow basic anti-money laundering rules. However, her perspective has faced criticism from investors and opposition from other senators.
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