Spot Bitcoin ETF reached a volume of 4 billion USD on the first day of trading
After being approved by the US Securities Commission (SEC) a day earlier, 11 Bitcoin spot ETFs of many Wall Street giants opened their first trading session on January 11 (US time).
The list of Bitcoin spot ETFs with trading code names on the exchange is as follows:
Bitcoin spot ETFs have been approved by the SEC. Source: Bloomberg (January 11, 2024).
As of the end of the first trading day, a total of 11 Bitcoin spot ETFs recorded a trading volume of 4.6 billion USD from more than 700,000 accounts, with Grayscale's GBTC leading the way at 2.3 billion USD. billion USD. However, Bloomberg analyst James Seyffart believes that the volume from Grayscale may largely be selling transactions when investors "withstanding losses" on this fund's shares from the period 2021 - 2022 proceed to rotate capital to ETFs. other.
Right behind are BlackRock's IBIT and Fidelity's FBTC, with trading volumes of $1 billion and $721 million, respectively. The remaining ETFs have a volume of less than 300 million USD.
It still takes time for analysts to compile the data and produce buy/sell spreads to calculate the total NAV generated by Bitcoin spot ETFs on the first day, thereby showing actual BTC buying demand.
With the above trading volume, GBTC and IBIT have broken the record of 1 billion USD in first-day trading volume of BITO, the Bitcoin futures ETF launched in October 2021. The record for the ETF with the most successful first trading day in history belongs to another BlackRock fund launched in June 2023, with a volume of 2.1 billion USD.
