“Bitcoin Spot ETF Achieves Over $10 Billion in Trading Volume within Two Days of Listing: Success or Bubble?”
The long-awaited Bitcoin spot ETF has finally been listed! Although US brokers have different attitudes towards it, Merrill Lynch and Vanguard do not provide this trading service. However, according to Bloomberg’s statistics, the trading volume of the Bitcoin spot ETF on the first day of listing reached as high as 4.6 billion US dollars, and it surged to 7.8 billion US dollars on the second day. At the same time, the price of Bitcoin plummeted significantly. Is the issuance of such an ETF considered successful?
Bitcoin still not favored? Major brokers Merrill Lynch and Vanguard do not offer Bitcoin ETF, UBS and Citigroup evaluating.
ETF inventors don’t support it! Vanguard withdraws from Bitcoin futures, consolidating its position on “non-cryptocurrency” investments.
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Bitcoin spot ETF officially listed, BTC plummets, ETH takes the stage.
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Second day trading volume reaches 7.8 billion US dollars, net inflow of 660 million US dollars on the first day.
Is the Bitcoin spot ETF considered successful?
Measured by first-day trading volume
Compared to SPY and QQQ
According to the latest data provided by Bloomberg ETF analyst James Seyffart, the total trading volume of the Bitcoin spot ETF on the second day was 7.82 billion US dollars, with Grayscale’s GBTC accounting for 4.166 billion US dollars, followed by BNY Mellon’s IBIT with 1.618 billion US dollars, and Fidelity’s FBTC with 1.155 billion US dollars.
Since the inflow and outflow of funds are statistics from the previous day, up to the first day, Grayscale GBTC has an outflow of 95.07 million US dollars, while the other funds have net inflows. The champion on the first day was Bitwise (BITB) with 238 million US dollars, followed by Fidelity’s FBTC with 227 million US dollars, and then BNY Mellon’s IBIT with 112 million US dollars.
In addition, Seyffart revealed that the outflow of GBTC on the second day was 484 million US dollars (a total outflow of 579 million US dollars in two days), which seems to be not as expected: investors selling GBTC heavily and moving to other fund issuers.
The fund with the least trading volume is $BTCW (excluding $DEFI because it is a futures conversion to spot ETF), with a trading volume of 6.6 million US dollars. Compared with the first-day trading volume of the new ETF, its trading volume exceeded 95% of the 500 new products launched last year.
Below is a comparison chart of the Bitcoin spot ETF with the largest trading volume last year, SPY and QQQ, in terms of trading frequency, trading shares, and even nominal trading volume (referring to the actual transaction amount). The Bitcoin spot ETF has performed very well.
Note: SPY (SPDR S&P 500 ETF) is the largest and oldest ETF in the world, tracking the S&P 500. QQQ is an ETF launched by Invesco to track the Nasdaq 100 index and is also the most popular ETF for investing in technology stocks.
Bloomberg ETF analyst Eric Balchunas believes:
From all indicators, whether it’s trading volume, trading shares, flow, or media coverage, it is a huge success and has historical significance. Although the availability of platforms is limited, relax a bit and consider it as a process of several years.
FBTC
GBTC
IBIT
Bitcoin spot ETF
