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Bitcoin

Spot Bitcoin ETF Trading Volume Nearly $7.7 Billion In First Two Days

January 13, 2024 - Around 2 mins mins to read

Key Points:

  • The second day of spot Bitcoin ETF trading amassed $3.1 billion, adding to Thursday’s $4.6 billion, totaling nearly $7.7 billion.
  • Grayscale’s converted GBTC fund led Friday’s trading with $1.8 billion, while BlackRock and Fidelity also saw significant volumes.
  • Bitcoin, after reaching $49,000, experienced a 10% correction, dropping to $41,500 amidst the ETF trading excitement.
On the second day of spot Bitcoin ETF trading, they lived up to the hype, amassing a total volume of $3.1 billion, slightly lower than Thursday’s $4.6 billion, resulting in an impressive cumulative total of nearly $7.7 billion, according to data from Yahoo Finance compiled by The Block.
Spot Bitcoin ETF Trading Volume Nearly $7.7 Billion In First Two Days
Spot Bitcoin ETF Trading Volume Nearly $7.7 Billion In First Two Days 2

Spot Bitcoin ETF Trading Volume Remains Stable, Accumulating $7.7 Billion in Two Days

Leading the charge among issuers on Friday was BlackRock, with $564 million traded, closely followed by Fidelity with a volume of $431 million.

Grayscale, in a notable move, transformed its flagship GBTC fund into a spot Bitcoin ETF, securing the top spot in Friday’s spot Bitcoin ETF trading activity with a total volume of $1.8 billion. The debut of the 10 spot Bitcoin ETFs on Thursday witnessed around $4.6 billion worth of shares changing hands. Grayscale’s Bitcoin Trust (GBTC), existing since 2013, saw a historic first-day turnover of $2.3 billion.

Bloomberg ETF analyst James Seyffart reported a $484 million outflow from Grayscale GBTC, while ARK Invest ETF experienced a $42.5 million inflow. Speculation arose as Grayscale transferred Bitcoins to Coinbase addresses, indicating possible redemptions by users.

However, the cryptocurrency market saw a pullback from a two-year high, with Bitcoin dropping as much as 10% to $41,500 after briefly surpassing $49,000 on Thursday. BlackRock CEO Larry Fink added to the dialogue, likening Bitcoin to a traditional asset. Despite the retreat, the cumulative spot Bitcoin ETF trading volumes underscore the robust interest and growing activity in the dynamic realm.

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.

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
Bitcoin

Spot Bitcoin ETF Trading Volume Nearly $7.7 Billion In First Two Days

Key Points:

  • The second day of spot Bitcoin ETF trading amassed $3.1 billion, adding to Thursday’s $4.6 billion, totaling nearly $7.7 billion.
  • Grayscale’s converted GBTC fund led Friday’s trading with $1.8 billion, while BlackRock and Fidelity also saw significant volumes.
  • Bitcoin, after reaching $49,000, experienced a 10% correction, dropping to $41,500 amidst the ETF trading excitement.
On the second day of spot Bitcoin ETF trading, they lived up to the hype, amassing a total volume of $3.1 billion, slightly lower than Thursday’s $4.6 billion, resulting in an impressive cumulative total of nearly $7.7 billion, according to data from Yahoo Finance compiled by The Block.
Spot Bitcoin ETF Trading Volume Nearly $7.7 Billion In First Two Days
Spot Bitcoin ETF Trading Volume Nearly $7.7 Billion In First Two Days 4

Spot Bitcoin ETF Trading Volume Remains Stable, Accumulating $7.7 Billion in Two Days

Leading the charge among issuers on Friday was BlackRock, with $564 million traded, closely followed by Fidelity with a volume of $431 million.

Grayscale, in a notable move, transformed its flagship GBTC fund into a spot Bitcoin ETF, securing the top spot in Friday’s spot Bitcoin ETF trading activity with a total volume of $1.8 billion. The debut of the 10 spot Bitcoin ETFs on Thursday witnessed around $4.6 billion worth of shares changing hands. Grayscale’s Bitcoin Trust (GBTC), existing since 2013, saw a historic first-day turnover of $2.3 billion.

Bloomberg ETF analyst James Seyffart reported a $484 million outflow from Grayscale GBTC, while ARK Invest ETF experienced a $42.5 million inflow. Speculation arose as Grayscale transferred Bitcoins to Coinbase addresses, indicating possible redemptions by users.

However, the cryptocurrency market saw a pullback from a two-year high, with Bitcoin dropping as much as 10% to $41,500 after briefly surpassing $49,000 on Thursday. BlackRock CEO Larry Fink added to the dialogue, likening Bitcoin to a traditional asset. Despite the retreat, the cumulative spot Bitcoin ETF trading volumes underscore the robust interest and growing activity in the dynamic realm.

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.