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Groundbreaking Debut for Bitcoin ETFs, Garnering $4.5 Billion on Day One

The introduction of new spot Bitcoin ETFs had a substantial impact when they premiered on Wall Street last Thursday, collectively accumulating a staggering $4.5 billion in trading volume on their inaugural day.

This impressive debut surpassed the expectations of market observers and underlined the robust demand for Bitcoin among conventional investors who favor holding ETF shares instead of directly owning BTC.

The launch of spot Bitcoin ETFs signifies a significant milestone for the leading cryptocurrency, especially after a decade of denials by the SEC.

BlackRock’s iShares Bitcoin Trust, traded as IBIT on the Nasdaq exchange, played a prominent role in this launch, contributing approximately $1 billion to the total trading volume, which constituted 22% of the overall volume across all 10 spot Bitcoin products.

However, in terms of price performance alone, IBIT concluded the day with a 4.6% decrease, settling at a price of $26.62.

Hashdex Bitcoin ETF

The debut marked a shift in the roster of spot Bitcoin trading funds, as Hashdex, which had not filed its S-1 form alongside other ETF issuers prior to the launch date, was conspicuously absent.

Initially, the SEC had included Hashdex’s ETF in its approvals. However, Hashdex clarified that the approval was not for a new fund but rather for the conversion of its Hashdex Bitcoin Futures ETF into a spot Bitcoin ETF. This conversion is currently awaiting SEC review, and upon completion, it will bring the total count of spot BTC ETFs trading on US exchanges to 11.

Milestone for Grayscale

Although BlackRock understandably garnered significant attention because of its considerable size, Grayscale, a crypto-native firm within the asset management sector, also enjoyed considerable success.

The Grayscale Bitcoin Trust set a new record with a daily volume of 56 million shares on its debut day.

It’s worth highlighting that GBTC has a decade-long track record and stands out among the ETF offerings as an established Bitcoin investment product catering to accredited investors.

Opinions divided in the community

On a specific date, at least one prominent figure within the crypto community contended that the ETF launch had been “terribly unsuccessful” primarily because approximately 50% of the sector’s total trading volume was composed of outflows from Grayscale’s Bitcoin Trust (GBTC).

Nevertheless, this argument faced a counterpoint from Eric Balchunas, the senior ETF analyst at Bloomberg Intelligence, who instead characterized the launch as a “TERRIBLY HUGE SUCCESS.”

In Balchunas’ view, when considering various metrics such as trading volume, the number of trades, fund flows, media coverage, and historical context, the ETF launch could be unequivocally labeled as a resounding success.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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