Bitcoin spot ETF trading volume exceeded $4 billion on the first day. Grayscale is leading the way.

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A physical Bitcoin ETF debuted on the U.S. stock market on Thursday, with trading volume exceeding $4 billion. Bitcoin itself rose 1.6% from the previous day, soaring to just below $49,000 at one point, then falling again and continuing to fluctuate significantly.

Source: Binance

On the first day of Bitcoin ETF trading, Grayscale’s GBTC ranked first in trading volume with $2.09 billion. BlackRock’s IBIT, which is attracting attention as the largest asset management company, ranked second with $1 billion.

Home Stretch: $IBIT surpasses $1 billion in volume today (breaking $BITO’s record). The group had $4.3 billion or $2.2 billion before GBTC (not ‘new’ per se). It’s also a good sign that there are four issuers with over $100 million. There is a strong middle class at work. This is the biggest Day One splash in ETF history. pic.twitter.com/LeVJKvWj3V
— Eric Balchunas (@EricBalchunas) January 11, 2024
And in third place is Fidelity’s FBTC with $670 million. Ark’s ARKB followed with $270 million. Meanwhile, Hashdex ETF was also approved yesterday, but has not yet been listed and only 10 stocks were actually traded.
For Grayscale GBTC, Bloomberg ETF expert Eric Balchunas estimates that most of the volume will be “all sold.” GBTC was converted from the investment trust GBTC and was already in circulation. On the other hand, we believe that most of BlackRock and Fidelity’s trading volume is due to new capital inflows since each ETF is a completely new product.

Think again about what all these dollars flying around mean. 10 New ETF Volumes = Buy BTC Today. Clear cut. However, it is likely that all of GBTC’s volume will be sold, with some $BITO also likely being offset. Just my thoughts, not 100%, I’ll find out more when the flow hits tonight.
— Eric Balchunas (@EricBalchunas) January 11, 2024
The first-day performance of the U.S. Bitcoin spot ETF is receiving a lot of attention from investors. Large financial companies such as JP Morgan, Goldman Sachs, and Standard Chartered predict that new capital inflow from institutional and individual investors will reach up to $100 billion this year, and are targeting investors with new asset classes. We expect it to expand.
Connection: Goldman Sachs executive “Bitcoin spot ETF will increase institutional investor interest in cryptocurrency”

Related: “Possibility of capital inflow of more than 14 trillion yen into Bitcoin spot ETF this year” Standard Chartered Bank analysis

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