According to data compiled by Bloomberg analysts, the total trading volume on the first day of trading for 11 Bitcoin spot ETFs exceeded $4.6 billion. Grayscale’s GBTC ranked first, with trading volume exceeding $1 billion, and BlackRock’s IBIT also exceeded $1 billion.
(Historical Moment: The US SEC Approves 11 Bitcoin Spot ETFs! SEC Announces Full Text, Compilation of ETF-related Questions)
(Background Supplement: Bloomberg predicts that the first day of Bitcoin spot ETFs will attract “$4 billion”, with half of it coming from BlackRock)
The US Securities and Exchange Commission (SEC) approved the trading of 11 Bitcoin spot ETFs yesterday and officially began trading last night. According to the latest data compiled by Bloomberg analyst James Seyffart, the total trading volume on the first day has exceeded $4.6 billion.
Among them, Grayscale’s GBTC accounted for about half of the trading volume ($2.32 billion), followed by BlackRock’s IBIT with $1 billion, and Fidelity’s FBTC ranked third with a trading volume of $710 million.
Is the high trading volume an illusion?
However, James also pointed out that a large portion of the current trading volume is from the sale of Grayscale’s GBTC and the purchase of other ETFs. The reasons for the sale are speculated to be the disappearance of long-standing negative premiums, users taking profits, or the perception that GBTC management fees are too high and wanting to switch. In other words, it may not all be new capital inflows.
Another Bloomberg ETF analyst, Athanasios Psarofagis, commented:
But Psarofagis also added that most of the demand may come from the “seed” funds arranged by fund issuers in advance. With more and more market makers listing Bitcoin funds on their platforms, there may be more organic demand in the future, such as from retail investors or financial advisors.
Comparison with the first trading day of Bitcoin futures ETF “BITO”
Do you remember? ProShares Bitcoin Futures ETF “BITO” was approved for issuance by the SEC in October 2021, becoming the first Bitcoin futures ETF launched in the United States. It had a trading volume exceeding $1 billion on the first day, making it one of the most successful ETFs in history.
In the situation where 11 almost identical funds launched simultaneously, BlackRock’s IBIT being able to exceed $1 billion on the first day of trading is already an impressive record. It is worth our continued attention to whether spot ETFs can continue to bring incremental funds to the market.
Related Reports
SEC Chairman Gary Gensler’s “First Response” to the Review Progress of Bitcoin Spot ETFs! Market Expectations Soaring
Solana Mobile Purchases Increase 10x! Airdrop BONK Value Surpasses Saga’s Sale Price
$BONK Listed on Coinbase, Surges Over 50% in 24 Hours! Becomes the Third Largest Market Cap Meme Coin