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Home»EXCHANGE NEWS»Spot Bitcoin ​ETF Shines on First Trading Day
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Spot Bitcoin ​ETF Shines on First Trading Day

By Crypto FlexsJanuary 14, 20243 Mins Read
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Spot Bitcoin ​ETF Shines on First Trading Day
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The U.S. Securities and Exchange Commission (SEC) has approved key parts of the application for the Spot Bitcoin ETF, ending a month-long wait. As a result, the product’s trading volume surged from the first day. Overall, trading volume exceeded $4.5 billion, with BlackRock and Grayscale leading the way.

Grayscale traded 56 million shares and BlackRock traded 38 million shares. The valuation reached $2.3 billion for the former and $1 billion for the latter. That number is likely to increase as more products finalize registration.

BlackRock’s iShares Bitcoin ETF (IBIT) was listed for trading for the first time. Experts set the first trading day as the next day. Biggest first day splash in ETF history. This was also compared to the trading volume of the first Bitcoin Sutures ETF. In October, it was about $950 million.

James Butterfill, head of research at CoinShares, said it was too early to conclude on volume, adding that the impact was moderate and could be due to liquidation of futures positions.

Surprisingly, the value of BTC has fallen 0.21% in the last 24 hours and is currently trading at $45,986.84. The reason why BTC enthusiasts’ eyes are wide open is because yesterday it exceeded $47,000 in monetary terms. That was shortly after updates on the Bitcoin ETF approval began to surface in the media.

Considering that the token is up 4.99% in the last 7 days and 9.72% in the last 30 days, holders will remain the same while the value of BTC is rising.

The next speculation will be about an Ether ETF, with BlackRock and Fidelity likely taking the lead with their respective applications. Bitcoin’s value is still poised to surpass ATH by the end of this year. Assuming all factors align over the next 11-12 months, there is a slight chance that the token will hit the $100,000 milestone, expanding holders’ portfolios.

For now, I hope BTC stays above $38,000. As experts say, it is too early to draw conclusions about spot Bitcoin ETF trading volume. The situation will become clearer as more applications see the end of the tunnel and are listed on registered exchange platforms for trading.

House Republicans praised the approval, with Reps. Hill, McHenry, and Emmer coming out publicly to express their satisfaction with the development.

There remain hints that malicious actors may misuse the product by finding flaws in the system. Analysts said investors’ funds could be at risk if malicious actors take advantage of opportunities for money laundering and market manipulation. The committee said it was aware of this and would investigate such activity if brought to its attention.

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