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Bitcoin Spot ETFs See Volume Surge!! Newly launched spot Bitcoin ETFs saw their trading volumes increase by 34% on their fifth day of trading, bucking the typical post-launch decline trend. The surge was driven by excitement over the funds’ purchases of a total of $440 million worth of Bitcoin. BlackRock’s ETF led the buying spree, purchasing 8,700 BTC (worth $358 million) in a single day.
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The buying frenzy is not limited to just a few major players. Since their initial launches, nine spot ETFs (excluding Grayscale) have purchased a total of approximately 68,500 BTC (worth $2.8 billion). This buying pressure is partially offset by the sales of 38,000 BTC by Grayscale Bitcoin Trust (GBTC) since its conversion to a spot ETF.
30,496 #Bitcoin was bought since ETF Launch.
Excluding $GBTC (selling driven by high fees vs others), the 9 ETFs bought 68,442 $BTC – a staggeringly large number.
Only 900 #Bitcoin is mined daily (dropping to 450/day in April)
— CC15Capital 🇺🇸 (@Capital15C) January 18, 2024
So what’s behind the sudden surge in interest in Bitcoin ETFs? Analysts point to the convenience and familiarity that these funds offer traditional investors, who can gain exposure to crypto without having to navigate the complexities of crypto exchanges.
Excitement is at an all-time high. Both BlackRock and Fidelity’s Bitcoin ETFs are already notable for their assets under management, which exceed $1 billion. BlackRock is among the top five US ETFs in terms of weekly inflows, even outpacing the Vanguard 500 Index Fund.
This stands in stark contrast to GBTC, which has seen outflows of over $445 million since its conversion. Could this be a sign that investor preferences are shifting to the newer and more accessible spot ETFs?
The future is uncertain, but one thing is for sure: the arrival of spot Bitcoin ETFs has brought new energy to the cryptocurrency market. With major players like BlackRock and Fidelity backing Bitcoin, we could be on track for mainstream adoption.