Spot Bitcoin ETFs Record $3.60 Billion in Trading Volume First Day

Spot Bitcoin ETFs (exchange-traded funds) hit a trading volume of $3.60 billion within the first few hours of their debut.

This groundbreaking occurrence comes on the heels of the US Securities and Exchange Commission’s (SEC) decision to approve several applications for spot Bitcoin ETFs. Consequently, this signals a significant shift in the cryptocurrency industry.

Spot Bitcoin ETFs Trading Volumes Skyrocket

The SEC’s spot Bitcoin ETF approvals mark a pivotal change in its stance towards BTC-based investment products. Indeed, it could lead to a massive influx of funds of nearly $4 billion in trading on the first day, according to analysts at Bloomberg.

This prediction is nearly realized as the current spot Bitcoin ETFs trading volume of $3.60 billion indicates robust investor interest.

“BlackRock may break the first-day flow record with a possible $2 billion asset injection on the first day of trading for its US spot Bitcoin ETF. Seed funding could combine with grassroots interest to give it momentum in a race that includes up to 11 ETFs that we think could gather as much as $4 billion on the first day, and $50 billion of assets within two years,” analysts at Bloomberg said.

The investment product’s launch coincides with Bitcoin’s notable price volatility. BTC surged to an intraday high of $49,000, only to undergo a 6.64% correction, bringing it down to $45,774. This price fluctuation is significant as it’s the first time Bitcoin has reached these levels since December 28, 2021.

In light of this erratic market behavior, Joe Mitoshi, a technical analyst, has advised investors to exercise caution. Mitoshi underscores the importance of risk management, especially in the current unpredictable market.

“The big question, and the most important thing at the moment is at what level BTC is going to close Sunday. Just make sure to manage risk more than any other time. You don’t want to gamble your money on either direction, or outcome, the time for that will come,” Mitoshi said.

Ranking of the 11 Newly Trading Bitcoin ETFs

The trading data of various Bitcoin ETFs reflect a diverse market response. For instance, the Grayscale Bitcoin Trust reported a volume of over $1.7 billion, while the iShares Bitcoin Trust and the Fidelity Wise Origin Bitcoin Fund showed significant trading activities with volumes of $867 million and $572 million, respectively.

Here is the most recent trading volume data from all approved spot Bitcoin ETFs:

This historic day in the cryptocurrency market, marked by the SEC’s approval and the overwhelming response from investors, heralds a new era in Bitcoin and digital asset investment. As the market adapts to these new investment vehicles, the future of cryptocurrency investments looks increasingly promising and mainstream.

The post Spot Bitcoin ETFs Record $3.60 Billion in Trading Volume First Day appeared first on BeInCrypto.

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