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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin ETF Makes Waves: Volumes Surge $10 Billion 3 Days

Godspower Owie
Godspower Owie
1 year ago
3 mins read
Bitcoin

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Bitcoin Spot Exchange-Traded Funds (ETFs) have once again garnered the attention of crypto enthusiasts and investors as the products have witnessed a whopping $10 billion in total trading volume in the first three days of trading.

Bitcoin Spot ETF Sees Significant Uptick In Day 3 Trading

The development was revealed by Bloomberg Intelligence analyst James Seyffart on the social media platform X (formerly Twitter). The information shared by the analyst demonstrates a firm desire for exposure to digital assets via regulated financial markets.

Seyffart’s X post delves in on the data from the “Bitcoin ETF Cointucky Derby.” According to the analyst, “ETFs traded almost $10 billion in total over the past 3 days.” 

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1 year ago

The analyst also provided a virtual record of the data to further elaborate on the substantial trading volume. With a total volume of over $5 billion, Grayscale Bitcoin Trust (GBTC) stands out as the top performer among the notable financial firms.

BItcoin
Bitcoin ETFs trading volume within 3 days | Source: James Seyffart on X

Meanwhile, iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) come next in line. The data shows that the financial firms witnessed an overall trading volume of $1.997 billion and $1.479 billion, respectively. 

ARK’s 21Shares ETF (ARKB) and Bitwise Bitcoin ETF (BTTB) followed behind with a substantial total trading volume of $568 million and $258 million, respectively. This spike in trading volume indicates that both institutional and individual investors are growing more at ease utilizing traditional investment engines to trade BTC.

Although Grayscale’s Bitcoin fund continues to gain the highest overall trading volume, the fund has seen significant withdrawals from investors seeking to lower their exposure.

There have been withdrawals totaling more than $579 million since Grayscale started trading on January 11. Currently, Grayscale is still considered the “Liquidity King” of the Bitcoin spot ETFs.

However, Bloomberg analyst Eric Balchunas anticipates that Blackrock might oversee Grayscale to claim the title. “IBIT keeping lead to be one most likely to overtake GBTC as Liquidity King,” he stated.

3-Day Trading Surpassed 500 ETFs In 2023

Following the report, Eric Balchunas has provided a context for the massive surge of these products. The analyst did so by comparing the trading volume of BTC ETFs to all the ETFs that were launched in 2023.

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Bitcoin ETF Approval Triggers $1.2 Billion Trading Volume And New Highs For BTC Price

1 year ago

“Let me put into context how insane $10b in volume is in the first 3 days. There were 500 ETFs launched in 2023,” Balchunas stated. According to him, the 500 ETFs completed a $450 million combined volume today, and the best one did $45 million.

In addition, Balchunas highlighted that Blackrock‘s BTC ETF demonstrates a better performance than the 500 ETFs. “IBIT alone is seeing more activity than the entire ’23 Freshman Class,” he stated. It is noteworthy that half of the ETFs launched in 2023 recorded an overall trading volume of “less than $1 million” today.

Balchunas also stressed the difficulty in acquiring volume, noting that it is harder than flows and assets. This is because the volume has to come genuinely in the marketplace, which gives an “ETF lasting power.”

Bitcoin
BTC trading at $42,850 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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