US Bitcoin ETFs Record USD 4.6 Billion in Trading Volume on Day One
The US spot Bitcoin exchange-traded funds (ETFs) recorded a total trading volume of USD 4.6 billion on the first day. The world’s largest asset manager, Blackrock, opened with more than USD 1 billion in trading volume for its Ishares Bitcoin Trust. Grayscale’s spot Bitcoin ETF, which was converted from the Grayscale Bitcoin Trust, registered a total trading volume of USD 2.3 billion. This is “easily the biggest day one splash in ETF history,” said an ETF analyst.
US Bitcoin ETFs Register Robust Opening
The total trading volume of the much-awaited US spot Bitcoin exchange-traded funds (ETFs) registered a robust opening volume of USD 4.6 billion on Thursday. Blackrock, the world’s largest asset manager, opened with over USD 1 billion in trading volume for its Ishares Bitcoin Trust (IBIT), followed by Fidelity Wise Origin Bitcoin Fund (FBTC), with a trading volume of USD 712 million.
The total trading volume of the Grayscale Spot Bitcoin ETF which was converted from its Bitcoin Trust (GBTC), registered USD 2.8 billion on the opening day. Stating that Grayscale’s Bitcoin ETF volume “isn’t ‘new’ per se,” Bloomberg ETF analyst Eric Balchunas posted on social media platform X on Thursday: “It's a good sign to see four issuers over USD 100 million. The strong middle class is in the works.” He stated:
"Easily the biggest day one splash in ETF history."
The Bloomberg analyst further posted: “All told, there were 700,000 individual trades today in and out of the eleven spot ETFs. For context, that is double the number of trades and a lot more grassroots action than I expected, which is good.”
Gensler Continues to Caution Investors
The SEC approved all eleven spot bitcoin ETFs on Wednesday after several years. All of them began trading on Thursday. However, the SEC Chairman, despite approving spot Bitcoin ETFs, cautioned that this was not an endorsement of Bitcoin itself. Gensler continues to caution investors about the risks of investing in crypto assets.
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