Spot Bitcoin ETF Trading Volume Nearly $7.7 Billion In First Two Days
Key Points:
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. |
The Circle EU EMI license enables issuing of USDC and EURC, impacting the digital asset…
Solana liquid staking grew significantly, with a 1.76% quarterly increase and a more diversified market.…
The US Marshals Service Coinbase partnership aims to improve the management of seized cryptocurrencies.
Aave V3 on Aptos mainnet was proposed along with feedback from the Aave governance community.
With Uniswap fiat services provided by Transak, users in over 160 countries can buy crypto…
According to BBG, Robinhood acquires Pluto Capital, an AI firm known for prescriptive investing advice.…
This website uses cookies.