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Home»ADOPTION NEWS»The spot Bitcoin ​ETF has liquidated $5 billion in cumulative volume since its second day of trading.
ADOPTION NEWS

The spot Bitcoin ​ETF has liquidated $5 billion in cumulative volume since its second day of trading.

By Crypto FlexsJanuary 12, 20242 Mins Read
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The spot Bitcoin ​ETF has liquidated  billion in cumulative volume since its second day of trading.
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Spot Bitcoin ​ETFs got off to a brisk second day of trading on Friday, with cumulative volume quickly surpassing $5 billion as the price of the world’s largest cryptocurrency by market capitalization fell below $45,000.

On its first day of trading, spot Bitcoin ETFs generated nearly $4.6 billion in buying and selling. The second day of trading saw $905 million in transactions, according to Yahoo Finance data compiled by The Block.

“By every metric – volume, number of deals, flows, media coverage – it has historically been a huge success,” Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, posted regarding the first day of trading Friday morning. “And that’s despite limited platform availability.”

Blackrock leads the way

BlackRock’s new spot Bitcoin ETF led all other newly launched cryptocurrency-based products with trading volume of just over $1 billion on Thursday. Balchunas ranked BlackRock’s fund as one of the top 25 first-day performers in ETF history.

Grayscale led funds in this category with $2.3 billion on Thursday, but the institution’s fund is viewed differently as it is a conversion of its flagship GBTC fund. Earlier Friday, Grayscale again took the top spot among all spot Bitcoin ETFs for a second day, with $470 million as of 10:34 a.m. ET.

BlackRock was in second place with $212 million as of early Friday.

However, preliminary reports suggest that another spot Bitcoin fund may have driven significant inflows on Thursday, with Bitwise’s product seeing $238 million in new capital flowing into the fund. bloomberg data.

According to the data, after Bitwise, Fidelity came in second with $227 million in inflows, followed by BlackRock with $111 million. However, this data may change and these numbers may increase.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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