Spot Bitcoin ETFs See High Trading Volume in Second Day
Spot bitcoin ETFs continued to generate significant trading volume on their second day, reaching a total of $3.1 billion. This follows the $4.6 billion volume seen on Thursday, bringing the cumulative total to nearly $7.7 billion.
BlackRock and Fidelity Lead in Spot Bitcoin Fund Trading
BlackRock emerged as the leading issuer of new spot bitcoin funds, with $564 million traded on Friday. Fidelity followed closely with $431 million in volume. These figures are based on data compiled by The Block from Yahoo Finance.
Grayscale’s ETF Dominates Trading Activity
Grayscale’s spot bitcoin ETF, a conversion of its GBTC fund, remained the most active on both Thursday and Friday. It recorded a total volume of $1.8 billion on Friday and $2.3 billion on Thursday.
Larry Fink Compares Bitcoin to Gold
In an earlier statement, BlackRock CEO Larry Fink likened bitcoin to gold, stating that it is no different from what gold represented over thousands of years. He also noted that the amount of bitcoin that can be created is nearing its limit.
Bitwise and Fidelity Lead Inflows on First Day
Bitwise, a crypto fund manager, attracted the highest number of inflows on the first day of trading with $238 million. Fidelity followed closely with $227 million in inflows.
Crypto Market Reacts Positively to Spot Bitcoin ETFs
The crypto market has responded positively to the launch of spot bitcoin ETFs, viewing it as a sign of legitimization that will stimulate interest in cryptocurrencies and improve market sentiment. Analysts believe that increased accessibility to bitcoin and the decreasing supply post-halving could contribute to a continued upward trend in the crypto market throughout 2024.
Bitcoin Price Declines on Friday
Bitcoin’s price experienced a 5.2% decline on Friday, falling to $43,765 at 4:07 p.m. ET.
Hot Take: Spot Bitcoin ETFs Gain Momentum and Market Confidence
The second day of trading for spot bitcoin ETFs demonstrated strong momentum and market confidence, with high trading volumes recorded. BlackRock and Fidelity emerged as the leading issuers in this space, while Grayscale’s ETF remained the most active. The positive response from the crypto market indicates a growing acceptance of cryptocurrencies and may lead to further interest in the industry. With bitcoin often compared to gold and the potential for upward trends in the crypto market, it is clear that spot bitcoin ETFs have made a significant impact in a short period of time.
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