- Grayscale and Blackrock lead the spot Bitcoin ETF volume.
- Bitcoin ETFs saw around $4.6 billion on the first day of trade.
Initially, approval was granted, followed by the emergence of statistics. This scenario unfolded with Bitcoin [BTC], witnessing the approval of multiple spot ETFs.
Following the approval, traders promptly engaged in business activities. Nevertheless, early indications of resistance have started to surface.
Tracking the first-day spot Bitcoin ETF volume
The first day of trading proved to be highly active for spot Bitcoin ETFs, as evidenced by the substantial recorded volume. According to Reuters data, the cumulative volume reached approximately $4.6 billion by the close of trading on 11th January.
Among the key players, Grayscale, BlackRock, and Fidelity emerged as dominant contributors on the first day.
Grayscale, in particular, led the pack with a noteworthy volume of around $2.2 billion. This was a somewhat anticipated outcome considering its transition from a Bitcoin trust.
Among the new listings, BlackRock’s IBIT showed the highest volume. It had over $1 billion on 11th January, constituting a significant portion of the overall trade. Fidelity’s FBTC also made a notable mark with a trading volume of around $685 million on the first day.
The first sign of resistance?
Elizabeth Warren, a member of the US Senate, has consistently expressed skepticism towards cryptocurrencies, and the recent approval of the ETF did little to change her stance.
In a post following the approval, she criticized the SEC, stating they were “wrong on the law and wrong on the policy.” Warren also expressed concerns
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Author: Adewale Olarinde
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