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Spot Bitcoin exchange-traded funds (ETFs) generated $1.8 billion in trading volume on January 16, three times more than the combined same-day volume of all 500 ETFs launched in the U.S. in 2023. .
In its first three days of trading, the new Bitcoin ETF led by Blackrock, Grayscale, and Fidelity recorded $10 billion in trading volume.
“Let me explain how crazy the volume was, reaching $10 billion in the first three days,” Bloomberg ETF analyst Eric Balchunas told X. post. “By 2023, 500 ETFs will be launched. Currently, these ETFs have a total trading volume of $450 million. $IBIT alone sees more activity than the entire freshman class of 23.”
BlackRock, Grayscale, and Fidelity continue to maintain Bitcoin ETF dominance.
BlackRock, Grayscale and Fidelity accounted for a whopping $1.6 billion of the $1.8 billion. Volume It’s January 16th. Among these ETFs, BlackRock’s iShares Bitcoin Trust was the clear leader in terms of attracting net inflows. Over the past three days, the fund has raised more than $497 million.
Grayscale’s Bitcoin fund continues to lead the way in trading activity, recording over $5.1 billion in trading volume. But the fund has experienced significant outflows as investors seek lower fees on new products.
Since starting trading on January 11, Grayscale has Bitcoin Trust (GBTC) recorded total outflows of over $579 million.
Latest: Day 3 volume of healthy newborn Nine so far is 500 million units, roughly the same as the pattern decline. $LITTLE (This was also the most successful organic launch in ETF history). $GO Maintain the lead with the highest chance of overtaking $GBTC As the liquidity king. pic.twitter.com/hoatfSmNpN
— Eric Balchunas (@EricBalchunas) January 16, 2024
In a January 16 update to X, Balchunas predicted that BlackRock’s ETFs would continue to attract the most inflows. He added that this would allow it to “overtake GBTC as the liquidity king.”
BlackRock appeals to wealthy older people.
Black Rocks The initial success in the spot Bitcoin ETF market can be attributed to a simple advertising approach targeting wealthy boomer investors. Many analysts and investors Praise “The world’s largest asset management company”boring” The ad was successful in attracting the attention of a mature and affluent audience.
Amazing ad from Blackrock $GOBlackrock Bitcoin Spot ETF.
Clearly new investor markets are reached through: $GO
— Alessandro Ottaviani (@AlexOttaBTC) January 14, 2024
In a nearly two-minute video ad, Jay Jacobs, head of U.S. thematic and alternative ETFs at BlackRock, outlined Bitcoin’s value proposition.
He also explained how BlackRock’s ETF provides investors with exposure to BTC. Following the release of the advertisement, BlackRock Spot Bitcoin ETF also recorded On the first day of trading, trading volume exceeded $1 billion.
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