US Bitcoin ETFs Roar Out of the Gate With $4.6 Billion in First Day Trading

January 12, 2024 William Ross Cryptocurrency News 0

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The long-awaited launch of US spot bitcoin ETFs (exchange-traded funds) was met with a resounding boom on Thursday, generating a staggering $4.6 billion in trading volume on their first day.

Gainers

Major players like Blackrock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw significant inflows, contributing to the record-breaking volume.

IBIT alone raked in over $1 billion in trades, followed by FBTC with $712 million. Reuters reported that Grayscale’s converted spot ETF (the Grayscale Bitcoin Trust (GBTC) also saw healthy trading activity, reaching $2.3 billion.

Bitcoin price soars

This surge in trading activity sent Bitcoin’s price soaring, reaching its highest level since December 2021 at $46,303. Ethereum, the second-largest cryptocurrency, also enjoyed a 2.79% bump, further reflecting the positive sentiment across the crypto market.

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The approval of these ETFs comes after years of debate and regulatory hurdles, with the US Securities and Exchange Commission (SEC) finally giving the green light on Wednesday. This move is a major validation of Bitcoin and other digital assets as legitimate investment options.

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William Ross
About William Ross 162 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.