The first day of spot Bitcoin ETF trading on Wall Street turned out to be quite eventful with Grayscale dominating the trading with over $4 billion in trading volumes on the debut. Bitcoin made a mark in the history of ETF launch with unprecedented trading on the debut.
$4.6 Billion Bitcoin ETF Shares Exchange Hands
Almost a dozen Bitcoin ETF funds, including those from major investment players such as BlackRock Inc. and Fidelity Investments, had an impressive debut, with a flurry of activity resulting in approximately $4.6 billion worth of shares traded on the first day. Advocates within the industry view these ETFs as a pivotal launching pad for wider adoption by everyday investors and anticipate them serving as a catalyst for further market gains.
Bloomberg’s ETF strategist, Eric Balchunas, reported that a total of 700,000 individual trades were executed today involving the 11 spot ETFs. To provide context, this figure is twice the number of trades observed for $QQQ, although the latter experiences more substantial dollar volume due to larger institutional involvement. Balchunas noted that the increased grassroots action, as opposed to significant seed purchases, exceeded his expectations and is viewed positively.
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
Balchunas further added: “Easily the biggest splash in ETF history for a first day. No matter where you look, it’s superseded expectations.”
The post First Day of Spot Bitcoin ETF Trading At Wall Street, Here’s How It Went appeared first on CoinGape.
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