Billion

Spot

Green Light

<img width="1200" height="800" src="https://coingape.com/wp-content/uploads/2023/09/IMG_5697-e1695572371845.jpg" class="attachment-full size-full wp-post-image" alt="Bitcoin Price BTC Spot ETF Matrixport" decoding="async" style="float:right; margin:0 0 10px 10px;">
On their first day of trading, the newly approved spot bitcoin ETFs have significantly impacted the market. Trading volumes for these 11 financial instruments have impressively crossed the $4 billion mark. This <a href="https://coingape.com/blackrock-spot-bitcoin-etf-ibit-soars-25-in-pre-market-hours/">development</a> marks a pivotal moment in integrating cryptocurrency with traditional financial markets. 
<h2 id="leading-the-charge-grayscale-blackrock-and-fidelity">Leading the Charge: Grayscale, BlackRock, and Fidelity</h2> 
Grayscale, a major player in the crypto asset management space, has <a href="https://coingape.com/spot-bitcoin-etf-approved-heres-why-grayscale-is-the-biggest-winner/">emerged</a> at the forefront, with its converted ETF recording $1.9 billion in trades. BlackRock and Fidelity are not far behind, having chalked up $942 million and $628 million, respectively. These figures reflect a keen investor interest, particularly in newly launched funds from BlackRock and Fidelity, representing a fresh influx of capital. 
Concurrent with these trading activities, Bitcoin itself has experienced a modest uptick. The cryptocurrency <a href="https://coingape.com/price/bitcoin/">traded</a> at $46,851 at press time, marking a 1.3% increase over the past 24 hours. This price movement aligns with the heightened activity surrounding the ETF launches. 
<h2 id="sec-s-green-light-on-spot-bitcoin-etf">SEC’s Green Light on spot bitcoin ETF</h2> 
The SEC’s decision to <a href="https://coingape.com/sec-gives-nod-to-spot-bitcoin-etf-opens-door-for-trading/">approve</a> these 11 spot bitcoin ETFs is being hailed as a transformative moment for the crypto sector. Such a move by a key regulatory body adds a layer of credibility and accessibility to cryptocurrency investments. Standard Chartered Bank’s projection suggests these ETFs could attract between $50 billion and $100 billion in 2024. 
<h2 id="vanguard-s-conservative-stance">Vanguard’s Conservative Stance</h2> 
In contrast, Vanguard, a major asset manager, has opted out of this new venture, as <a href="https://coingape.com/spot-bitcoin-etf-vanguard-backtracks-vows-not-to-join-the-train/?utm_source=cgtelegram">reported</a> by Coingape. Citing these instruments’ speculative and unregulated nature, Vanguard remains aligned with its long-term, traditional investing philosophy. This decision has sparked a conversation among investors, with some moving their accounts to more crypto-friendly institutions like Fidelity. 
Read Also: <a href="https://coingape.com/ftx-crash-former-customers-demand-change-in-repayment-method/?utm_source=cgtelegram">Former Customers Demand Change in Repayment Method</a> 
The post <a href="https://coingape.com/spot-bitcoin-etfs-debut-with-over-4-billion-trading/">Grayscale Dominates as Spot Bitcoin ETFs Debut with Over $4 Billion Trading</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Grayscale Dominates as Spot Bitcoin ETFs Debut with Over $4 Billion Trading

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