Bitcoin ETFs in the U.S. are off to a raucous start. It’s only midday, and already the 11 spot Bitcoin ETFs just yesterday approved by the SEC have combined for $1.9 billion worth of trading volume, exceeding analyst expectations.

Despite spiking to nearly $49,000 just after markets opened in the U.S., Bitcoin was relatively subdued on Thursday. At the time of writing, it was changing hands at $46,610.54, according to CoinGecko.

BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Trust (FBTC) have far and away led the pack, accounting for 41% and 27% of that volume, respectively. These two ETFs alone have generated $1.3 billion in trading volume so far.

Among the non-Wall Street set, the ARK 21Shares Bitcoin ETF (ARKB) has done roughly $208 million—about 13%—of total volume by 1 p.m. ET on Thursday.

In October, when the race to offer a Bitcoin ETF seemed to be just heating up, Adam Guren, the co-founder of crypto hedge fund Hunting Hill Digital, told Decrypt that blowout ETF launches aren’t all that common.

“Even attaining $500 million in day-one inflows as a noteworthy challenge,” he said.

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Author: Stacy Elliott

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