Yahoo Finance data indicates that the day-one trading volume for the first Bitcoin ETFs in US was approximately $4.5 billion.
The Grayscale Bitcoin Trust (GBTC) — cleared to convert to an ETF Wednesday — accounted for roughly half the volumes, while a new fund by BlackRock saw roughly a quarter of the volumes.
The trading volume was high, and closed out an eventful day. Ten of these funds had more than one billion dollars in trading volume during their first thirty minutes on Thursday. These listings were made just hours after US Securities and Exchange Commission (SEC) approved spot bitcoin ETFs, a landmark regulatory decision.
Hashdex released a late-afternoon press release revealing that although a rule to list its Bitcoin futures fund was approved, the SEC is still reviewing its registration statement for the fund to be converted.
“At a later date, the fund will change its name and change its investment strategy to permit spot bitcoin in its portfolio,” The press release stated.
A spokesperson from the company declined to comment on further.
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Yahoo Finance’s data shows that Grayscale and BlackRock were the top two ETFs with approximately 56 million and38 million shares traded respectively.
GBTC’s trade volume reached $2.3 billion on the last day, while BlackRock’s iShares ETF Bitcoin (IBIT) reached $1 billion.
“Easily the biggest Day One splash in ETF history,” Balchunas is a Bloomberg Intelligence Analyst.
IBIT’s day-one trading volumes were similar to those seen by the first bitcoin futures ETF — the ProShares Bitcoin Strategy ETF (BITO) — which saw about $950 million in volume on Oct. 19, 2021. BITO did not launch with any competing products on the same date.
“Although it’s still early to draw definitive conclusions, this high volume suggests a substantial inflow of investor capital into the spot-based Bitcoin ETFs,” James Butterfill, the head of CoinShares’ research, told Blockworks. “The market price impact on the first day was moderate, which we attribute to the unwinding of futures positions in response to this significant event for the asset class.”
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