Spot Bitcoin ETFs Hit $4.5 Billion Volume on Debut Day

Additionally, the iShares Bitcoin Trust (IBIT) by BlackRock accounted for around 22% of the total volumes.

On the first day of trading for the inaugural spot Bitcoin ETFs in the United States, the total trading volume reached approximately $4.5 billion, as reported by Yahoo Finance.

Additionally, BlackRock’s newly launched iShares Bitcoin Trust (IBIT) accounted for around 22% of the total volumes. The day started rapidly, with IBIT surpassing $1 billion in trade volume.

The Grayscale Bitcoin Trust (GBTC), which recently gained approval to convert into an ETF, contributed to about half of this trading activity and notched around $2.2 billion in total volume, making up 51% of the overall traded volume.

Meanwhile, Fidelity’s spot Bitcoin ETF, known as FBTC, secured the third spot, experiencing a remarkable $673 million in trading volume on its first day.

All told there were 700,000 individual trades today in and out of the 11 spot ETFs. For context, that is double the number of trades for $QQQ (altho it sees much bigger $ volume bc bigger fish use it) So a lot more grassroots action (vs big seed buys) than I expected which is… pic.twitter.com/syUGfjHQpr
— Eric Balchunas (@EricBalchunas) January 11, 2024

Bloomberg’s senior ETF analyst, Eric Balchunas, stated on Twitter that “GBTC volume prob ALL selling” for more cost-effective options like BlackRock and Fidelity’s ETFs. This perspective was also echoed by his colleague, James Seyffart.

Also Read: Crypto Milestone: Bitwise Launches First Bitcoin ETF on NYSE

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