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 a trading volume of over $2.3 billion, while BlackRock’s IBIT also surpassed $1 billion in trading volume.
The U.S. 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 already exceeded $4.6 billion.
Among them, Grayscale’s GBTC accounted for about half of the trading volume at approximately $2.32 billion, followed by BlackRock’s IBIT at $1 billion, and Fidelity’s FBTC ranked third with a trading volume of $710 million.
However, James also pointed out that a large portion of the current trading volume is due to 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-term negative premiums, profit-taking by users, or concerns about the high management fees of GBTC. In other words, it may not all be new capital inflows.
Another Bloomberg ETF analyst, Athanasios Psarofagis, commented that most of the demand may come from “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.
Comparing with the first trading day of the Bitcoin futures ETF “BITO”
Do you remember? ProShares’ Bitcoin futures ETF “BITO” was approved by the SEC for issuance in October 2021, becoming the first Bitcoin futures ETF launched in the United States. It achieved a trading volume exceeding $1 billion on the first day and became one of the most successful ETFs in history.
In the case of 11 almost identical funds launching simultaneously, BlackRock’s IBIT surpassing $1 billion in trading volume on the first day is already an impressive record. It is worth continuing to monitor whether spot ETFs can continue to bring incremental capital to the market.
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