Bitcoin ETF Trades Top $4.6 Billion in "Ground-Breaking" Day

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Bitcoin ETF Trades Top $4.6 Billion in "Ground-Breaking" Day

Bloomberg01-12

Over $4.6 billion changed hands across the Bitcoin fundsConverted GBTC registers most first day of ETF trading everThe first US ETFs that directly hold Bitcoin got off to a strong start, with billions...

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shams_Trader
·01-12
Really? All etfs were went down more than the opening price. And this article is surprising
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- xupper22:
  Typical. All funds and government will induce a max fuckery scenario in order to buy BTC at the lowest possible for themselves.
  01-12
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The Grayscale Bitcoin Trust, which converted into an ETF, saw about $2.3 billion in volume, according to data compiled by Bloomberg. Meantime, BlackRock’s iShares Bitcoin Trust—IBIT— saw over $1 billion change hands.</p><p>“This is definitely ground-breaking,” said Athanasios Psarofagis, an ETF analyst at Bloomberg Intelligence. “There was no doubt demand would be strong for these ETFs, but the numbers across the board are impressive.”</p><p>Still, it’s hard to compare Thursday’s activity to any other day in ETF history. Typically, only one fund that tracks a new asset class begins trading on a single day. It’s unprecedented to see over 10 nearly identical funds all begin at once. But even singling in on one ETF indicates the sheer magnitude of trading.</p><p>The Grayscale Bitcoin Trust was the most heavily traded ETF debut on record. 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The Grayscale Bitcoin Trust, which converted into an ETF, saw about $2.3 billion in volume, according to data compiled by Bloomberg. Meantime, BlackRock’s iShares Bitcoin Trust—IBIT— saw over $1 billion change hands.“This is definitely ground-breaking,” said Athanasios Psarofagis, an ETF analyst at Bloomberg Intelligence. “There was no doubt demand would be strong for these ETFs, but the numbers across the board are impressive.”Still, it’s hard to compare Thursday’s activity to any other day in ETF history. Typically, only one fund that tracks a new asset class begins trading on a single day. It’s unprecedented to see over 10 nearly identical funds all begin at once. But even singling in on one ETF indicates the sheer magnitude of trading.The Grayscale Bitcoin Trust was the most heavily traded ETF debut on record. To be sure, the product has existed in its trust structure since 2013, and had a nearly $27 billion headstart in asset size.Trading volume doesn’t indicate buying or selling or investor inflows. Because of the way the funds settle trades, net flows into or out of the products probably won’t be known until at least Friday.When the initial Bitcoin futures fund began trading in 2021, it saw turnover of almost $1 billion during the entire first day. At the time, the futures fund debut was the second-most heavily traded fund on record.Psarofagis added a caveat that much of the demand may be from so called “seed” money that is pre-arranged by the fund issuers. 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All funds and government will induce a max fuckery scenario in order to buy BTC at the lowest possible for themselves.","text":"Typical. All funds and government will induce a max fuckery scenario in order to buy BTC at the lowest possible for themselves.","html":"Typical. All funds and government will induce a max fuckery scenario in order to buy BTC at the lowest possible for themselves."}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":19,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}