🚨 RECENT Update 📢 :-

The inaugural day of trading for several new Bitcoin exchange-traded funds (ETFs) witnessed robust market activity, with a total trading volume exceeding $4.5 billion across ten spot Bitcoin ETFs. Leading the pack was BlackRock’s iShares Bitcoin ETF (IBIT), recording over $1 billion in volume, representing 22% of the total volume for the listed funds. Fidelity’s spot Bitcoin ETF (FBTC) closely followed, amassing approximately $685 million in day one trading volume, indicating substantial investor interest.

⭐..✅.... Battle For Market Share Begins!

Grayscale’s Bitcoin ETF (GBTC) notched an impressive $2.2 billion in total volume, reflecting the conversion of its pre-existing Grayscale Bitcoin Trust. The ProShares Futures Bitcoin ETF (BITO) also made waves with record-breaking trading activity, surpassing $2 billion in total volume as per Yahoo data. Bloomberg Analysts and James Seyffar suggest that a significant portion of GBTC’s trading volume may involve selling, with investors possibly shifting to newer, more cost-effective offerings such as BlackRock’s and Fidelity’s ETFs.

⭐✅.... 700K ETF Transactions, $4.33B Volume—What Next? 💲💲🤑

Bloomberg ETF analysts, including Eric Balchunas, noted 700,000 individual transactions on the first day of the spot Bitcoin ETFs’ launch, with a total trading volume of $4.33 billion. The breakdown included GBTC at $2.09 billion, IBIT at $1.01 billion, FBTC at $673 million, and ARKB at $673 million. BITO contributed $1.87 billion in trading volume.

At the same time, Timothy Peterson, an investment manager at Cane Macro noted that the significant buying activity across these ETFs is estimated to require the purchase of approximately 47,000 Bitcoin, valued at $2.1 billion at current prices, on the spot market.

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