Key Points:
The swift action aligns with industry expectations, as issuers were primed for a prompt launch, anticipating significant interest.
The industry had been abuzz with anticipation for Spot Bitcoin ETFs, and the SEC’s sudden approval marks a pivotal shift in a narrative that had seen over a decade of rejections. Over the past several months, more than a dozen applications had been filed, reflecting a persistent push to bring this investment product to fruition.
Less than 24 hours after the SEC’s green light, all 11 approved Spot Bitcoin ETFs officially entered the market on Thursday morning. This rapid rollout underscores the preparedness of issuers and the widely held belief that approval was imminent as 2023 drew to a close.
Among the major players entering the market are renowned asset management firms such as Fidelity, Grayscale, and BlackRock. The spotlight is especially on BlackRock‘s iShares Bitcoin Trust (IBIT), with early signs indicating a strong start. Bloomberg’s Eric Balchunas highlights that IBIT has already seen $2 million in shares traded, and he anticipates the potential for the firm to break the one-day inflow record, projecting up to $2 billion on the first trading day.
Market observers had speculated that the inaugural trading day could bring substantial inflows, with Bloomberg estimating as much as $4 billion. The swift initiation of trading reflects the eagerness of investors to gain exposure to Bitcoin through these newly approved investment vehicles, marking a transformative moment in the landscape of digital asset investments.
As these Spot Bitcoin ETFs settle into the market, the performance of major issuers and the overall reception of these financial products will undoubtedly shape the narrative surrounding cryptocurrency investments in the months to come. Investors and industry stakeholders are keenly watching to gauge the impact of this historic moment on the broader digital asset landscape.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Port Charlotte, United States, 2nd June 2024, Chainwire
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