Spot Bitcoin ETFs, following their landmark approval on Wednesday, have seen a remarkable surge in trading volume, surpassing $4.5 billion on their first day. The trading fervor was evident right from the start, with $1.74 billion recorded in just the first hour of trading.
This enthusiastic reception of Spot Bitcoin ETFs began on Thursday morning, immediately after the Wednesday approvals. Prominent asset firms like BlackRock, Fidelity, and others were quick to offer these ETFs for trade, highlighting the readiness and anticipation within the financial industry. This trading activity has already exceeded the initial $4 billion forecast by Bloomberg.
The introduction of these investment tools, backed by renowned asset management companies, has attracted a plethora of new investors to the market. There was a buzz of anticipation around how these products would fare, especially with a keen eye on the performance of BlackRock’s iShares Bitcoin Trust.
In tandem with the rollout of these new ETFs, Bitcoin’s trading volume has witnessed a near 10% increase in the past 24 hours. This rise is accompanied by a noticeable upward trend in Bitcoin’s price, which saw a significant spike, crossing $48,000 soon after the markets opened.
Looking ahead, the potential for Bitcoin’s value seems promising, especially as we approach the next halving event and as more bank clients become familiar with Bitcoin ETFs.
