IMPORTANT POINTS:
- Bitcoin spot ETFs, which began trading a few days ago, have already achieved all-time highs. The details in the note.
- There are 10 BTC exchange-traded funds and, on January 16, they exceeded more than three times the total volume of the 500 ETFs launched in 2023 on the same day.
- In the first three days of their launch, the BTC spot ETFs had an incredible volume of $10 billion.
The United States Securities and Exchange Commission (SEC) approved 10 Bitcoin spot ETFs and, in just a few days since their listing, they have achieved astonishing success.
On January 16, the 10 BTC funds managed to triple the total volume of money traded than the 500 ETFs launched in 2023 on Wall Street.
In detail, Bitcoin ETFs generated about $1.8 billion in total volume, while the 500 ETFs together reached only $450 million, according to Bloomberg analyst Eric Balchunas.
Let me put into context how insane $10b in volume is in first 3 days. There were 500 ETFs launched in 2023. Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going. $IBIT alone is seeing more activity than the entire '23 Freshman… https://t.co/wV1zQFtPW1
— Eric Balchunas (@EricBalchunas) January 16, 2024
BlackRock’s fund alone, the iShares Bitcoin Trust, (IBIT) generated a total volume of $497 million in the last three days, being the leader of the BTC ETFs.
If we aggregate the last three days, the 10 Bitcoin funds experienced almost $10 billion in trading volume. An extraordinary figure.
In any case, the large amounts of money that entered Bitcoin ETFs are not yet reflected in the price of the cryptocurrency, as it is currently trading just above $43,100.
