Spot Bitcoin ETF Volumes Surge To $10B — 'More Activity Than The Entire 2023 Freshman Class,' Says Senior Analyst
Portfolio Pulse from Mehab Qureshi
Spot Bitcoin ETFs have seen a surge in trading volumes, reaching approximately $10 billion in the first three days. Grayscale's Bitcoin Trust ETF (GBTC) traded about 25 million shares on Tuesday, while BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) also experienced significant volumes. Senior Bloomberg ETF analyst Eric Balchunas highlighted the exceptional activity of these ETFs compared to the rest of the ETFs launched in 2023. Ark Invest's BTC ETF and a Bitwise-managed fund also saw notable trading volumes.
January 17, 2024 | 5:54 am
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POSITIVE IMPACT
Fidelity Wise Origin Bitcoin Fund (FBTC) saw 8.2 million shares traded, equivalent to about $310 million, reflecting strong trading interest.
FBTC's trading volume suggests that investor interest is robust, which could lead to a positive short-term price movement.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Grayscale's Bitcoin Trust ETF (GBTC) saw about 25 million shares traded on Tuesday, indicating high investor interest and trading activity.
The high trading volume of GBTC suggests strong investor interest, which could lead to increased demand and potentially a positive impact on its price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
BlackRock's iShares Bitcoin Trust (IBIT) traded nearly 15 million shares, amounting to around $370 million, showing significant market activity.
IBIT's substantial trading volume indicates a high level of investor engagement, which could positively influence its price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90