January 12, 2024

Trading Volume of Bitcoin ETFs Crossed $4 Bln on 1st Day

Bitcoin ETFs

Bitcoin ETFs

The recently approved spot bitcoin ETFs have had a significant impact on the market on their first day of trading. The trading volumes of these 11 financial instruments have impressively crossed the $4 billion mark.

This step is significant in integrating cryptocurrency with traditional financial markets. Grayscale, a major player in the crypto asset management space, has emerged as the leader, with its converted ETF recording $1.9 billion in trades. BlackRock and Fidelity are not far behind, having recorded $942 million and $628 million in trades, respectively. These figures reflect a keen investor interest, particularly in the newly launched funds from BlackRock and Fidelity, representing a fresh influx of capital.

Bitcoin has recently seen a small increase in its trading value, rising by 1.3% over the last 24 hours to reach $46,851. This increase in value coincides with the launch of several new exchange-traded funds (ETFs) related to cryptocurrency trading.

The approval of these ETFs by the SEC has been seen as a positive and transformative move for the crypto industry, adding credibility and accessibility to cryptocurrency investments. According to Standard Chartered Bank, these ETFs could attract between $50 billion and $100 billion in 2024.

According to a report by Coingape, Vanguard, a leading asset manager, has chosen not to participate in a new venture related to cryptocurrencies. Vanguard cites the speculative and unregulated nature of these instruments and, instead, remains aligned with its traditional, long-term investment philosophy. This decision has sparked a conversation among investors, with some shifting their accounts to more crypto-friendly institutions such as Fidelity.

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