Spot Bitcoin ETF trading volume in the US on first day exceeds nearly $4.6 billion Meanwhile, the majority of new capital flowed into BlackRock and Fidelity Investment.
After the US SEC approved 11 Spot Bitcoin ETFs on January 10, (US time) Most recently, the fund’s first day trading volume exceeded nearly $4.6 billion. Most of that came from Grayscale, BlackRock, and Fidelity Investments.
BlackRock and Fidelity Investment ETFs had first-day trading volumes of $942 million and $628 million, respectively, accounting for the majority of daily trading volume in terms of new inflows. The money flowing into all 10 ETFs will be directly purchasing Bitcoin. This does not include Grayscale’s GBTC.
While Grayscale’s Bitcoin Trust (GBTC) had the largest trading volume of approximately $1.9 billion, it is not clear how much of that volume was accounted for by new inflows. This is because the fund is in a state that has just been converted.
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said the majority of Grayscale’s trading volume is likely selling. This will be different from BlackRock and Fidelity funds, which will be an influx of new capital.
Additionally, ARK 21Shares Bitcoin ETF had trading volume of $148 million, while Franklin Templeton and Valkyrie had trading volume of less than $10 million each.
Source: CryptoSlate
2024-01-12 01:18:00
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