January 11, 2024

1st Ever Bitcoin ETF Trading Started in US

Bitcoin ETF

Bitcoin ETF

The first-ever Bitcoin exchange-traded fund (ETF) in the United States has begun trading in the pre-market. This comes a day after the Securities and Exchange Commission (SEC) approved BlackRock’s iShares Bitcoin Trust with ticker symbol IBIT.

The iShares trust is listed on the Nasdaq exchange and currently trades at $26.81, up by 22.25%. Apart from BlackRock, Grayscale’s Bitcoin Trust (GBTC) ETF was also another spot BTC ETF to begin trading in the pre-market. The GBTC shares were up by 2% during the pre-market trading hours. GBTC is listed on the New York Stock Exchange (NYSE).

It has been reported that Grayscale’s Bitcoin Trust (GBTC) ETF, along with BlackRock, began trading in the pre-market at press time. During the pre-market trading hours, the GBTC shares rose by 2%. GBTC is now listed on the New York Stock Exchange (NYSE). Pre-market trading is the process of trading assets before the markets open. This usually takes place between 8 am and 9:30 am ET.

Traders often use pre-market movements to gauge how markets might operate after opening. A landmark judgment by the SEC approved the 19b-4 applications from a number of companies, including ARK 21 Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton. Their spot Bitcoin ETFs can now be listed and traded on various public exchanges.

The official trading for all 11 approved spot BTC ETFs will begin when markets open on Jan. 11. However, the pre-market trading data looks bullish for the new regulated avenue for investment for U.S. investors.

The Bitcoin price didn’t react much to the official approval of the first-ever spot BTC ETF, as it traded around the $46,000 mark before and after the approval. Many crypto enthusiasts pointed out that the BTC price reacted more significantly to the fake ETF approval news on Jan.9, rising as high as $48,000. However, market pundits suggested that the price might see more bullish action with the start of official trading as analysts expect billions to flow into these ETFs.

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