CDS Crypto News Bitcoin ETFs in the US Surpass Expectations, Surging to 7.69 Billion Dollars in Trading Volume
Crypto News

Bitcoin ETFs in the US Surpass Expectations, Surging to 7.69 Billion Dollars in Trading Volume

On Wednesday, the spot Bitcoin ETFs in the US recorded an impressive $7.69 billion in trading volumes.

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Bitcoin ETFs in the US Surpass Expectations, Surging to 7.69 Billion Dollars in Trading Volume

Crypto News– The recently approved ten Bitcoin exchange-traded funds (ETFs) in the United States have shattered their previous trading volume records. On Wednesday, these offerings collectively saw an astounding $7.69 billion in trading activity, surpassing their previous record by over one and a half times.

Bitcoin ETFs in the US Surpass Expectations, Surging to 7.69 Billion Dollars in Trading Volume

James Seyffart, an ETF analyst at Bloomberg, confirmed this milestone, highlighting that BlackRock’s iShares Bitcoin Trust (IBIT) accounted for 43.5% of the total volume, with a staggering $3.35 billion traded. This figure effectively doubled its previous daily record. Following closely behind, the Grayscale Bitcoin Trust (GBTC) secured the second position, with $1.86 billion in trading volume. Meanwhile, the Fidelity Wise Origin Bitcoin Fund (FBTC) claimed the third spot with $1.44 billion, also doubling its previous volume record.

Notably, the combined volumes of GBTC and FBTC made up approximately 43% of the total trading volume. Bloomberg analyst Eric Balchunas observed that it took merely half of the trading day for the nine new ETFs, excluding Grayscale’s, to surpass their previous record set just two days ago. Balchunas noted, “I asked around to some market makers and most say this volume is largely due to natural demand versus algorithmic/arbitrage type volume. Word is wirehouse platforms are seriously looking at adding them soon. I’m sure pressure is mounting for them. They like to see a track record and get paid off but with grassroots demand like this, they are going to have to expedite.”

Additionally, Balchunas remarked that if the volumes of Bitcoin futures ETFs like BITO are factored in, the total trading volume of BTC-related ETFs would approach $10 billion. It’s important to highlight that on Wednesday, Bitcoin surged to $64,000, marking a new two-year high, before retracing to $60,000. As of the time of writing, data indicates that the leading digital asset is trading at $61,400.

Bitcoin ETFs in the US Surpass Expectations, Surging to 7.69 Billion Dollars in Trading Volume

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