A new era for cryptocurrency investing began yesterday as the first spot Bitcoin ETFs made their long-awaited debut on U.S. markets. These new funds, which hold actual Bitcoin rather than Bitcoin futures, attracted intense investor interest right out of the gate.
According to data aggregated from Yahoo Finance, the total trading volume for the 10 new Bitcoin spot ETFs exceeded $4.5 billion on day one. Leading the pack was the Grayscale Bitcoin Trust (GBTC), which saw an eye-popping $2.3 billion in volume after being cleared to convert to an ETF format on Wednesday.
Coming in second place was the iShares Bitcoin Trust (IBIT) from BlackRock, the world's largest asset manager. IBIT handled over $1 billion worth of trades during its first day, representing nearly a quarter of the combined spot Bitcoin ETF volume. Other top performers included Fidelity's spot Bitcoin offering and Hashdex’s fund (Futures).
Crypto market analysts say the influx of investment from these new vehicles could provide crucial long-term support.
The launch of spot Bitcoin ETFs in the U.S. has been years in the making. Industry advocates hope these funds will give retail investors simpler access to the crypto markets while providing legitimacy and regulatory oversight.
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