Spot Bitcoin ETFs (exchange-traded funds) hit a trading volume of $3.60 billion within the first few hours of their debut.
This groundbreaking occurrence comes on the heels of the US Securities and Exchange Commission’s (SEC) decision to approve several applications for spot Bitcoin ETFs. Consequently, this signals a significant shift in the cryptocurrency industry.
Spot Bitcoin ETFs Trading Volumes Skyrocket
The SEC’s spot Bitcoin ETF approvals mark a pivotal change in its stance towards BTC-based investment products. Indeed, it could lead to a massive influx of funds of nearly $4 billion in trading on the first day, according to analysts at Bloomberg.
This prediction is nearly realized as the current spot Bitcoin ETFs trading volume of $3.60 billion indicates robust investor interest.
“BlackRock may break the first-day flow record with a possible $2 billion asset injection on the first day of trading for its US spot Bitcoin ETF. Seed funding could combine with grassroots interest to give it momentum in a race that includes up to 11 ETFs that we think could gather as much as $4 billion on the first day, and $50 billion of assets within two years,” analysts at Bloomberg said.
The investment product’s launch coincides with Bitcoin’s notable price volatility. BTC surged to an intraday high of $49,000, only to undergo a 6.64% correction, bringing it down to $45,774. This price fluctuation is significant as it’s the first time Bitcoin has reached these levels since December 28, 2021.
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Author: Bary Rahma
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