United

Bitcoin

Spot

James

Since their recent launch in the United States, spot <a class="editor-rtfLink" href="https://cryptonews.com/coins/bitcoin/" target="_blank" rel="noopener">Bitcoin</a>&nbsp;ETFs have achieved a cumulative trading volume of nearly $10 billion within just three days. 
According to <a href="https://twitter.com/JSeyff/status/1747366266166206505?s=20" rel="sponsored">Bloomberg analyst James Seyffart</a>, the standout performer among the spot Bitcoin ETFs is Grayscale’s GBTC, which recorded an impressive three-day trading volume of $5.174 billion. 
BlackRock’s IBIT also saw substantial engagement, reaching $1.997 billion in trading volume, while FBTC recorded $1.479 billion during the same period. 
Together, these three ETFs accounted for an impressive $9.771 billion in trading volume, indicating strong investor interest in the cryptocurrency market. 
Seyffart described the recent ETF launches as a resounding success by most metrics. 
He pointed out that Wisdomtree stands out from the rest, currently managing assets of just $3.25 million. 
Seyffart emphasized that it is still early days, indicating that the competition in this space offers long-term potential for growth and progress. 
“Let me put into context how insane $10b in volume is in first 3 days,” Eric Balchunas, senior ETF analyst at Bloomberg, said. 
“There were 500 ETFs launched in 2023. Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going. IBIT alone is seeing more activity than the entire ’23 Freshman Class.” 
Note: half of those 500 new freshman class ETFs did less than a million in volume today.. It is HARD to get volume. Harder than flows even and def harder than assets. Because volume has to form naturally in market place, can't really be faked. And it gives an ETF staying power. 
— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1747387195013452034?ref_src=twsrc%5Etfw">January 16, 2024</a> 
<h2 id="proshares-submits-applications-for-leveraged-etfs">ProShares Submits Applications for Leveraged ETFs</h2> 
 In addition to the existing ETFs, ProShares has submitted applications for five leveraged spot Bitcoin ETFs to the U.S. Securities and Exchange Commission (SEC). 
These ETFs will track the daily performance of the Bloomberg Galaxy Bitcoin Index, offering leverage options ranging from -2x to +2x. 
While the specific tickers and associated fees for these leveraged ETFs have yet to be determined, they are tentatively scheduled to launch on April 1, subject to regulatory approval. 
Pending SEC review and approval, ProShares aims to provide investors with diversified opportunities to participate in Bitcoin’s spot market through various leverage options. 
The move demonstrates the increasing interest from financial institutions in offering innovative investment products that cater to the growing demand for exposure to cryptocurrencies. 
<h2 id="bitcoin-could-surge-to-170-000-on-spot-etfs">Bitcoin Could Surge to $170,000 on Spot ETFs</h2> 
 Anthony Scaramucci, the founder and managing partner of hedge fund SkyBridge, has suggested that the price of Bitcoin could <a class="editor-rtfLink" href="https://cryptonews.com/news/bitcoin-could-surge-to-170000-says-skybridges-anthony-scaramucci.htm" target="_blank" rel="noopener">potentially reach $170,000</a>&nbsp;in the coming year. 
Scaramucci’s prediction is based on two key factors, including the growing demand for newly listed exchange-traded funds (ETFs) and the upcoming halving event scheduled for April. 
He explained that if Bitcoin were to maintain its current price of around $45,000 at the time of the halving, it could see a remarkable surge to $170,000 by mid- to late 2025. 
The halving event, a technical occurrence in the Bitcoin network, is designed to reduce the rate at which new Bitcoins are introduced into circulation. 
Scaramucci believes that the price of Bitcoin could potentially quadruple within the 18 months following the halving, regardless of its starting price in April.

U.S. Spot Bitcoin ETFs Reach $10B Trading Volume in 3 Days; Grayscale Accounts for Over Half of that Figure

Table of Contents

Cryptonews.com

Other articles published on Jan 17, 2024

Analyst: Bitcoin gearing up for a massive pullback

Cardano (ADA) Facing Potential Competition from Pandoshi (PAMBO) in 2024

US Data Impact on Crypto Markets and Investor Expectations

Altcoins Surge as Bitcoin Consolidates: Spotlight on CHZ and KLAY

Altcoins Surge as Bitcoin Struggles to Maintain Momentum

Rarible, Mercedes and NHL – Top NFT News Today – 17 January

Join our free newsletter for daily crypto updates!