Here's how many traders have touched Bitcoin Spot ETFs.
The cryptocurrency market has recently seen a surge in trading activity following the launch of Bitcoin spot exchange-traded funds (ETFs).
In just one day, these ETFs saw a staggering 700,000 individual trades, as reported by industry analyst Eric Balchunas.
Grayscale and BlackRock in the lead.
Notably, this number is double the trading of Nasdaq's QQQ, a popular stock index ETF. Meanwhile, the price of Bitcoin saw a sharp decline, falling more than 7% to $45,644 before paring some losses.
On the first day of trading, Bitcoin spot ETFs saw a combined volume of just under $4.7 billion, indicating strong investor interest in the highly anticipated financial instruments.
The Grayscale Bitcoin Trust BTC (GBTC) leads the way with an impressive $2.3 billion traded, capturing more than half of the market activity at 50.1%. The iShares Bitcoin Trust (IBIT) followed with a substantial $1.03 billion, securing a 22.3% share of the total volume. Fidelity's Wise Origin Bitcoin Fund (FBTC) also made a splash with $712.7 million in transactions, representing 15.3% of the market.
The ARK 21Shares Bitcoin ETF (ARKB) contributed $289.1 million, or 6.2% of the total volume.
The Bitwise Bitcoin ETF (BITB) and other smaller funds including Invesco Galaxy Bitcoin ETF (BTCO), Valkyrie Bitcoin Fund (BRRR), VanEck Bitcoin Trust (HODL), Franklin Bitcoin ETF (EZBC), WisdomTree Bitcoin Fund ( BTCW) and Hashdex Bitcoin Futures ETF (DEFI) rounded out the rest of the volume, each accounting for less than 2.7% of total trading.
Varied responses from financial institutions.
Trading volumes show strong retail interest, but institutional responses have been mixed. JPMorgan.
