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U.S. Spot Bitcoin ETFs Reach $10B Trading Volume in 3 Days; Grayscale Accounts for Over Half of that Figure

Since their recent introduction in the United States, spot Bitcoin ETFs have quickly gained significant traction, amassing a cumulative trading volume of nearly $10 billion in just three days.

According to Bloomberg analyst James Seyffart, the standout performer among these spot Bitcoin ETFs is Grayscale’s GBTC, which achieved an impressive three-day trading volume of $5.174 billion.

BlackRock’s IBIT also garnered substantial engagement, reaching a trading volume of $1.997 billion, while FBTC recorded $1.479 billion in trading volume over the same period.

Collectively, these three ETFs accounted for a remarkable $9.771 billion in trading volume, signaling strong investor interest and enthusiasm for the cryptocurrency market.

Seyffart has described the recent ETF launches as a resounding success by most measures. He highlighted that Wisdomtree, with its current assets under management of just $3.25 million, stands out as an exception in terms of lower adoption.

He also emphasized that it’s important to recognize that these are still early days for spot Bitcoin ETFs, indicating that the competitive landscape in this space offers significant potential for long-term growth and development.

To provide some context for the impressive $10 billion trading volume achieved in the first three days, Eric Balchunas, a senior ETF analyst at Bloomberg, offered a noteworthy perspective. He stated, “Let me put into context how insane $10b in volume is in the first 3 days. There were 500 ETFs launched in 2023. Today, they did a COMBINED $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 Class.” This highlights the remarkable level of interest and activity generated by these spot Bitcoin ETFs in a very short time frame.

ProShares Submits Applications for Leveraged ETFs

In addition to the existing ETFs, ProShares has submitted applications to the U.S. Securities and Exchange Commission (SEC) for the launch of five leveraged spot Bitcoin ETFs. These new ETFs will be designed to track the daily performance of the Bloomberg Galaxy Bitcoin Index and will offer leverage options ranging from -2x to +2x.

Although the specific tickers and associated fees for these leveraged ETFs have yet to be finalized, they are tentatively scheduled for launch on April 1, pending regulatory approval from the SEC.

ProShares’ aim with these leveraged ETFs is to provide investors with diversified opportunities to participate in the Bitcoin spot market while offering various leverage options to suit their risk tolerance and investment objectives.

This move underscores the growing interest among financial institutions in introducing innovative investment products that cater to the increasing demand for exposure to cryptocurrencies, reflecting the evolving landscape of the investment industry.

Bitcoin Could Surge to $170,000 on Spot ETFs

Anthony Scaramucci, the founder and managing partner of the hedge fund SkyBridge, has put forth a prediction suggesting that the price of Bitcoin could potentially reach $170,000 in the coming year.

Scaramucci’s optimistic forecast is grounded in two crucial factors. Firstly, he highlights the increasing demand for newly introduced exchange-traded funds (ETFs) related to Bitcoin. Secondly, he points to the forthcoming halving event scheduled for April.

He elaborated on his prediction by stating that if Bitcoin were to maintain its current price, approximately $45,000, at the time of the halving, it could experience a remarkable surge, potentially reaching $170,000 by the middle to the latter part of 2025.

The halving event, a technical adjustment in the Bitcoin network, is designed to reduce the rate at which new Bitcoins are added into circulation. Scaramucci believes that regardless of the starting price in April, Bitcoin has the potential to quadruple in value during the 18 months following the halving. This outlook underscores the significant influence of market dynamics and supply-related events on Bitcoin’s price trajectory.

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I want to save money. Will cryptocurrency work?

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

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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