Summary
Spot bitcoin ETFs began trading on Thursday after receiving approval, and they have already seen record volumes of over $4 billion. Despite concerns of a sell-off, bitcoin’s price is holding steady around $46,000. The approval of the ETFs is expected to create more demand and attract new investors to the crypto market. The legal challenges to establish spot bitcoin ETFs have been ongoing, and the recent approvals have been seen as a victory for the industry. Industry insiders and CEOs have expressed their excitement about the approvals, while Vanguard was found to be blocking the funds on the first day of trading.
Key Points
1. Spot bitcoin ETFs have seen record volumes of over $4 billion on their first day of trading, indicating strong demand from investors.
2. Despite concerns that the approvals could trigger a sell-off, bitcoin’s price remains stable around $46,000, suggesting that investors are optimistic about the ETFs’ potential impact on the market.
3. The approval of spot bitcoin ETFs is seen as a significant milestone for the cryptocurrency industry, with industry insiders and crypto CEOs expressing their enthusiasm and belief in the long-term potential of the US crypto market.