Bitcoin ETF Makes Waves: Volumes Surge $10 Billion 3 Days
Bitcoin Spot Exchange-Traded Funds (ETFs) have gained significant attention and have reached a total trading volume of $10 billion in the first three days of trading. Grayscale Bitcoin Trust (GBTC) has the highest trading volume, followed by iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC). ARK's 21Shares ETF (ARKB) and Bitwise Bitcoin ETF (BTTB) also had substantial trading volumes. This surge in trading volume indicates growing comfort among institutional and individual investors in using traditional investment platforms to trade Bitcoin. Grayscale has experienced significant withdrawals, but still remains the top Bitcoin spot ETF. Bloomberg analyst Eric Balchunas predicts that BlackRock may overtake Grayscale in trading volume. The $10 billion trading volume of Bitcoin ETFs in the first three days is compared to the combined trading volume of 500 other ETFs launched in 2023. This demonstrates the strong performance of Bitcoin ETFs, with iShares Bitcoin Trust alone surpassing the entire class of 2023 ETFs. Acquiring trading volume is challenging and contributes to the lasting power of an ETF.
