Top 3X daily volume Bitcoin ETFs of all 500 ETFs launched in 2023 combined
The total volume of the 10 spot bitcoin (BTC) exchange-traded funds (ETFs) on January 16 was more than three times the total volume of all 500 ETFs launched in 2023 on the same day.
Yahoo Finance data compiled by Cointelegraph shows that the 10 most recently approved Bitcoin ETFs raised more than $1.8 billion in total volume as of January 16, with funds from Greyscale, BlackRock and Fidelity accounting for $1.6 billion of the total.
By comparison, the combined trading volume for all 500 ETFs in the United States in 2023 on Jan. 16 was just $450 million, said Bloomberg ETF analyst Eric Balchunas.
Let me put into context how insane that amount of $10B in the first 3 days is. In the year There were 500 ETFs launched in 2023. Today, they made $450 million in voice-overs. The best is 45 million. And many had months to go. $IBIT alone is seeing more activity than the entire '23 Freshman… https://t.co/wV1zQFtPW1
— Eric Balchunas (@EricBalchunas) January 16, 2024
BlackRock's iShares Bitcoin Trust has emerged as the clear leader in attracting net income, drawing more than $497 million over the past three days.
According to Yahoo Finance data compiled by Bloomberg ETF analyst James Seifert and Cointelegraph, the total volume of all new bitcoin ETF products reached nearly $10 billion in trading in the first three days.
While Greyscale's Bitcoin fund still leads the pack in total transaction volume — generating more than $5.1 billion — the fund has experienced high spending as investors seek to reduce exposure.
The Greyscale Bitcoin Trust (GBTC) has seen more than $579 million in total foreign inflows since it began trading on January 11. “
Last: The third day's volume so far is a healthy half a billion for a newborn, a similar pattern failure to $BITO (which was again the most successful organic launch in ETF history). It will be high. pic.twitter.com/hoatfSmNpN
— Eric Balchunas (@EricBalchunas) January 16, 2024
GBTC was a one-time boon for investors who borrowed money to enter the fund and then profited from the grayscale premium — typically used as a gauge of demand for Bitcoin in the years before ETF products arrived.
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The profitability of this arbitrage business quickly turned into a huge loss, the premium suddenly decreased, which trapped many investors in the fund and refused to sell bitcoins at a huge discount.
Following the successful conversion of GBTC into a spot ETF, the offer has dropped by 1.55%, suggesting that investors who have locked up Bitcoin for a longer period of time are now taking the opportunity to exit.
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