Spot Bitcoin ETF trading tops $3.1 billion on second day, led by Grayscale and BlackRock
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Spot Bitcoin ETFs lived up to expectations, with total volume reaching $3.1 billion on the second day of trading. This compares to a cumulative total of nearly $7.7 billion, worth $4.6 billion, confirmed on Thursday.
Among new spot Bitcoin fund issuers, BlackRock leads the way with $564 million in volume on Friday, followed by Fidelity with $431 million. This is according to data from Yahoo Finance compiled by The Block.
Earlier in the day, BlackRock CEO Larry Fink compared Bitcoin to perhaps the most traditional asset of all. “This is no different from what gold has represented for thousands of years,” he said. “Unlike gold, we have almost reached the limit of the amount of Bitcoin that can be created.”
Grayscale’s product, which is not new but a conversion of its flagship GBTC fund, ranked as the most active Bitcoin ETF on Friday, with $1.8 billion in total trading volume. It was also the most active ETF on Thursday, with $2.3 billion changing hands.
Bloomberg analysts initially speculated that most of the fund’s first-day trading volume would have been made up of outflows, but revised their view on Friday, posting on social media platform X that Grayscale’s ETF had lost only $95 million on Thursday.
James Seyffart of Bloomberg Intelligence said the result It’s “part” of what he and many others thought. He also added: “This means yesterday was a huge success.”
First day of inflow led by bit
First day of trading, cryptocurrency fund manager Bitwise led all rivals According to Seyffart, total inflows were the largest at $238 million, followed by Fidelity at $227 million.
Bitwise CEO Hunter Horsley said his company success For X, he said every dollar invested in his ETF represents “an investor’s decision to trust” his company.
All in all, the cryptocurrency market appears to have been satisfied with the first two days of Bitcoin spot ETF trading, deciding to view these results as a sign of legitimization that will increase interest in the cryptocurrency and improve market sentiment.
“Increasing investor accessibility to Bitcoin and declining supply following the halving are signs that the cryptocurrency market is likely to continue its upward trajectory throughout 2024,” said Kadan Stadelmann, CTO of the Komodo Platform.
The price of Bitcoin fell 5.2% to $43,765 at 4:07 PM ET on Friday.
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