Spotlight on Wall Street Bitcoin It recorded notable trading activity on the first day its ETFs were traded. Grayscale took the lead by recording a transaction volume of over $4 billion on its first day. The official launch of the Bitcoin ETF market made a difference with an unprecedented level of trading on launch day.
BlackRock Inc. and ETF funds, including major investors such as Fidelity Investments, witnessed approximately $4.6 billion worth of shares traded on the first day. Industry advocates see these ETFs as a crucial launching pad for broader adoption by everyday investors and expect them to serve as a catalyst for further market gains.
Bloomberg’s ETF strategist Eric Balchunas, 11 spot today Bitcoin ETFIt was reported that a total of 700,000 individual transactions were carried out in . To provide context, this figure is twice the number of transactions observed for $QQQ, although the latter is experiencing more significant dollar volume due to greater institutional participation. Balchunas stated that, contrary to the significant seed purchases, the increasing grassroots movement exceeded his expectations and was viewed positively.
All told there were 700,000 individual trades today in and out of the 11 spot ETFs. For context, that is double the number of trades for $QQQ (altho it sees much bigger $ volume bc bigger fish use it) So a lot more grassroots action (vs big seed buys) than I expected which is… pic.twitter.com/syUGfjHQpr
NEWS CONTINUES BELOW— Eric Balchunas (@EricBalchunas) January 11, 2024
It should be noted that Grayscale’s product, which has had a trust structure since 2013, has made a significant start with assets of approximately $27 billion. Thursday’s ETF launches saw major milestones, including record-breaking activity as Grayscale Bitcoin Trust reached $2.3 billion, the largest first-day turnover ever for an ETF.
The long-term success of ETFs depends on seamless accessibility to investors, which remains a current challenge. Vanguard Group Inc.’s brokerage arm chose not to facilitate trading for these ETFs, and Bank of America Corp. Merrill Edge, operated by , is still evaluating its stance on offering this service. In contrast, some platforms are more enthusiastic about adopting these new investment products. Robinhood Markets Inc. Its CEO, Vlad Tenev, expressed their intention to list the funds on their platform as soon as possible.
As we reported as Koinfinans.com, many people have expectations that there is uncertainty.