It is the largest ETF launch for a single asset ever.
GBTC was the most traded Bitcoin ETF of the day, followed by IBIT.
Today, January 11, 2024, was the first day of trade for spot Bitcoin (BTC) ETFs on US exchanges. These financial instruments were approved by the Securities and Exchange Commission (SEC) yesterday.
A total of 11 ETFs came onto the market. These are those issued by companies grayscale; Bitwise; hashdex; BlackRock; Valkyrie; ARK and 21Shares; Invesco and Galaxy; Van Eck; wisdom tree; Loyalty; and Franklin Templeton.
The start was a complete success. In accordance with Estimates from specialist Eric Balchunas (since the official data may take some time several hours to make yourself known), These ETFs moved $4,326 million in buying and selling. James Seyffart, also an ETF specialist, shared his estimates, which fell, albeit with slight deviations Pay quite similar.
The most traded ETF was Grayscale (GBTC). Unlike all the others, this was an existing fund but listed on secondary markets. It has officially been an ETF since yesterday afternoon. As CriptoNoticias reported, GBTC is the Bitcoin ETF with the highest fees. Therefore it can be thought – exactly the same way Seyffart does it– that many of his trades were exits from investors who may have wanted to position themselves in other Bitcoin ETFs.
From the “new” ETFs The largest market share was that of BlackRock company iShares Bitcoin Trust (IBIT).. The purchase and sale transactions estimated by Balchunas amounted to $1,009 million.
Balchunas says: “It is a good sign to see four issuers with more than $100 million (…). “By far the biggest first day success in ETF history.”
In the following table shared by the specialist in his X account, this is observed the trading volume of each of these financial products. Note that BITO (the Bitcoin futures ETF from the company ProShares) is also added at the end. If you add them all up, including the non-cash ones, you get $6,201 million traded in just one day:
In the coming hours and days, the inflows and outflows for each of these Bitcoin-based funds will be known. Based on this, estimates can be made about how the ETFs could affect the price of the digital currency created by Satoshi Nakamoto.