Bitcoin ETF

Bitcoin

Spot

Grayscale Bitcoin Trust

Billion

<img width="1200" height="800" src="https://coingape.com/wp-content/uploads/2023/12/Bitcoin-ETF-2-scaled-1-e1702535490232.jpg" class="attachment-full size-full wp-post-image" alt="Terrible Day For Spot Bitcoin ETFs And Bitcoin Despite $4.6 Billion In Total Trade" decoding="async" style="float:right; margin:0 0 10px 10px;">
Spot Bitcoin ETFs debuted strongly on Thursday after the U.S. Securities and Exchange Commission (SEC) approved listing and trading for all 11 spot Bitcoin ETF issuers including <a href="https://coingape.com/tag/blackrock" target="_blank" rel="noopener">BlackRock</a> and Grayscale on exchanges on January 10. However, experts believe spot Bitcoin ETFs actually recorded zero inflows when the 4.6 billion in total trading volume for newly listed ETFs is considered. 
<h2 id="bitcoin-etfs-record-low-inflows-from-4-6-billion">Bitcoin ETFs Record Low Inflows From $4.6 Billion</h2> 
Ran Neuner, co-founder of Onchain Capital, and founder of Crypto Banter, in a post on X said “The Bitcoin ETF first day was terribly unsuccessful.” He believes most people are reporting over $4.5 billion in total trade, but they are not analyzing the data. 
The 11 spot Bitcoin ETFs, including those from finance giants such as BlackRock and Fidelity Investments, had an impressive debut in terms of trading volume, with approximately $4.6 billion worth of shares traded on the first day. Bloomberg senior ETF analyst <a href="https://coingape.com/first-day-of-spot-bitcoin-etf-trading-at-wall-street-heres-how-it-went/" target="_blank" rel="noopener">Eric Balchunas reported</a> that a total of 700,000 individual trades were executed today involving the 11 spot ETFs. 
Ran Neuner noted that the total trade was $4.6 billion and Grayscale Bitcoin Trust (GBTC) recorded $2.3 billion. The GBTC numbers were mostly sales and outflows due to higher fees of 1.5% and the old Bitcoin being locked up. Thus, “the real numbers were close approximately ZERO new inflows.” 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GDn4FRSWoAAczRj?format=jpg&amp;name=large" alt="Image" width="763" height="542"> 
Bloomberg ETF analyst James Seyffart also believes a ton of this trading volume was selling of GBTC and buying of other spot Bitcoin ETFs. However, he remains hopeful about the massive demand in spot Bitcoin ETFs throughout the year. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Bitcoin Spot ETFs – FLOW DATA 
 Possible early flow numbers appear in for 11th Jan 2024. 
 Looks like $400m of net positive flow for the 7 products with data so far. Fidelity is in the lead with $227m flow 
 No data on GBTC yet 
 * The data is preliminary only, subject to change <a href="https://t.co/gHGjclCpgV">pic.twitter.com/gHGjclCpgV</a> 
 — BitMEX Research (@BitMEXResearch) <a href="https://twitter.com/BitMEXResearch/status/1745733534671589657?ref_src=twsrc%5Etfw">January 12, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Also Read: <a href="https://coingape.com/solana-ousts-xrp-from-hong-kong-hkvac-top-5-crypto-index/" target="_blank" rel="noopener">Solana Ousts XRP from Hong Kong’s HKVAC Top 5 Crypto Index</a> 
<h2 id="bitcoin-price-moves-back-near-45k">Bitcoin Price Moves Back Near $45K</h2> 
Bitcoin price jumped near the $49K level but returned below $46K in just 3 hours. <a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener">BTC price</a> is currently trading at $45,991. The 24-hour low and high are $45,620 and $48,969, respectively. 
Furthermore, the trading volume has decreased by 14% in the last 24 hours, indicating a decline in interest among traders. Analysts expect Bitcoin price to<a href="https://coingape.com/top-analyst-predicts-bitcoin-price-to-hit-600k-amid-etf-optimism/" target="_blank" rel="noopener"> hit $50K</a>, but volatility and traders’ sentiment will lead to pullbacks in the coming week. 
Also Read: <a title="Breaking: Judge Denies Terra &amp; Do Kwon’s Request For Reconsidering Court Ruling" href="https://coingape.com/judge-denies-terra-do-kwon-request-for-reconsidering-court-ruling/" target="_blank" rel="bookmark noopener">Judge Denies Terra &amp; Do Kwon’s Request For Reconsidering Court Ruling</a> 
The post <a href="https://coingape.com/terrible-day-for-spot-bitcoin-etfs-and-bitcoin-despite-4-6-billion-in-total-trade/">Terrible Day For Spot Bitcoin ETFs And Bitcoin Despite $4.6 Billion In Total Trade</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Terrible Day For Spot Bitcoin ETFs And Bitcoin Despite $4.6 Billion In Total Trade

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