Summary
The first spot bitcoin ETFs in the US generated approximately $4.5 billion in trading volumes on their first day, with the Grayscale Bitcoin Trust (GBTC) and BlackRock’s iShares Bitcoin ETF leading the pack. The high trading figures followed a quick start, with over $1 billion in trade volume within the first 30 minutes of trading. This milestone regulatory decision by the US Securities and Exchange Commission attracted significant investor capital, resulting in substantial trading volumes for the spot-based Bitcoin ETFs. The market price impact was moderate, likely due to the unwinding of futures positions in response to the ETF launches.
Key Points
1. The first spot bitcoin ETFs in the US saw approximately $4.5 billion in day-one trading volumes, with the Grayscale Bitcoin Trust (GBTC) and a new fund by BlackRock accounting for a significant portion of the volumes.
2. In the first 30 minutes of trading, 10 spot bitcoin ETFs had over $1 billion in trade volume, indicating a strong initial demand for these products.
3. The trading volumes of the Grayscale and BlackRock ETFs were particularly notable, with roughly 56 million and 38 million shares traded, respectively. GBTC ended the day with about $2.3 billion in trade volume, while BlackRock’s iShares Bitcoin ETF (IBIT) surpassed $1 billion in volume.