Bitcoin spot ETF trading volume exceeded $1.6B within minutes of launch
Bitcoin spot exchange-traded funds (ETFs), which officially began trading on January 11, got off to a spectacular start, with a total of around $1.6 billion just minutes after the opening bell.
The move comes in the wake of the US Securities and Exchange Commission's approval of the first Bitcoin spot ETF.
Related: Bitcoin ETFs Begin Trading on Cboe, NYSE Arca and Nasdaq
The 11 ETFs currently listed are GroupScale ( GBTC ), BlackRock ( IBIT ), Fidelity ( FBTC ), and Ark ( ARKB ), with market capitalizations of around $667.55 million, $475.6 million, and $291.1 million at the time of publication. and $117.8 million, respectively.
As of the time of writing, trading volume has continued to fluctuate, with some snapshots showing more than $2 billion worth of orders being processed and the total volume fluctuating from peak to trough.
It's been a good hour since this tweet and the number is still not 2.3 billion… but it's between $1b and $1.8b including $GBTC, which are unreal first day numbers (record will be broken today.) My source is a consolidation of all exchange feeds via Bloomberg terminal. . FYI! https://t.co/emqwEY0Hke
— Eric Balchunas (@EricBalchunas) January 11, 2024
The long-awaited launch of Bitcoin spot ETF's has been marred by false starts, SEC X account hacks and a small amount of believable fear, uncertainty and skepticism.
On Tuesday, January 9, Cointelegraph reported that the SEC's official X (Twitter) account was allegedly “hacked” by a person(s) and posted a false indication that the commission had approved the BTC Spot ETF.
The news was quickly debunked when SEC Chairman Gary Gensler and the returned SEC account both went public, stating that the latter had been “hacked” and that no confirmation had been given.
Despite some knock-on negative market activity on Tuesday, the kerfuffle died down as full approval came in on Wednesday, January 10, ahead of the January 11 launch.
Wow
3M #Bitcoin versus cash in major bearish transition and momentum change from 6-year downward trend pic.twitter.com/nRP4PqWJnC
— Tony “The Bull” (@tonythebullBTC) January 11, 2024
The current mood on social media in the cryptocurrency community seems to be unanimously bullish, with most commentators and commentators hailing the arrival of the Bitcoin Spot ETF as a big one.
Next, the community looks at the possibility of an ETH spot ETF. Cointelegraph recently reported that BlackRock has filed for a space ether ETF in November 2023.
The SEC decision deadline is May 23, 2024, and many crypto fans believe that the launch of Bitcoin spot ETFs will bode well for the ETH ETF.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
