Spot Bitcoin ETFs Achieve $10B Trading Volume in 3 Days
Since their recent launch in the United States, spot Bitcoin ETFs have achieved a cumulative trading volume of nearly $10 billion within just three days. The standout performer among the spot Bitcoin ETFs is Grayscale’s GBTC, which recorded an impressive three-day trading volume of $5.174 billion. BlackRock’s IBIT also saw substantial engagement, reaching $1.997 billion in trading volume, while FBTC recorded $1.479 billion during the same period. Together, these three ETFs accounted for an impressive $9.771 billion in trading volume, indicating strong investor interest in the cryptocurrency market.
Success of ETF Launches
Bloomberg analyst James Seyffart described the recent ETF launches as a resounding success by most metrics. He pointed out that Wisdomtree stands out from the rest, currently managing assets of just $3.25 million. Seyffart emphasized that it is still early days, indicating that the competition in this space offers long-term potential for growth and progress.
ProShares Submits Applications for Leveraged ETFs
In addition to the existing ETFs, ProShares has submitted applications for five leveraged spot Bitcoin ETFs to the U.S. Securities and Exchange Commission (SEC). These ETFs will track the daily performance of the Bloomberg Galaxy Bitcoin Index, offering leverage options ranging from -2x to +2x. Pending SEC review and approval, ProShares aims to provide investors with diversified opportunities to participate in Bitcoin’s spot market through various leverage options.
Potential Surge in Bitcoin Price
Anthony Scaramucci, the founder and managing partner of hedge fund SkyBridge, has suggested that the price of Bitcoin could potentially reach $170,000 in the coming year. Scaramucci’s prediction is based on two key factors, including the growing demand for newly listed exchange-traded funds (ETFs) and the upcoming halving event scheduled for April. He believes that the price of Bitcoin could potentially quadruple within the 18 months following the halving, regardless of its starting price in April.
Hot Take: Spot Bitcoin ETFs Gain Significant Traction
Spot Bitcoin ETFs have made a remarkable impact in the cryptocurrency market, achieving a trading volume of $10 billion within just three days. Grayscale’s GBTC has emerged as the top performer with a trading volume of $5.174 billion. The success of these ETF launches indicates strong investor interest and presents long-term potential for growth. Furthermore, ProShares has submitted applications for leveraged spot Bitcoin ETFs, demonstrating the increasing interest from financial institutions in offering innovative investment products. With predictions of Bitcoin reaching $170,000 in the coming year, fueled by ETF demand and an upcoming halving event, it’s an exciting time for cryptocurrency investors.
By
By
By
By