Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

The first day of trading for US listed Bitcoin (BTC) <a href="https://news.todayq.com/crypto-etf-buzz-reaches-hong-kong-10-firms-in-the-line/" target="_blank" rel="noopener noreferrer nofollow">exchange-traded funds </a>(ETFs) saw mixed reactions. However, the largest digital asset had recorded a major decline after a surge. BTC price is down by over 3% in the last 24 hours.
The debut of ETFs including offerings from BlackRock and Fidelity, saw a robust start with around $4.6 billion in trading on the first day. Fee competition intensified before the launch, leading to cost reductions by major issuers, with some providing fee waivers for the initial months to attract investors. Bitcoin ETF hits big? 
Ran Neuner, a CNBC Crypto Trader, reported that the Bitcoin ETF’s first day was “terribly unsuccessful,” emphasizing that the reported $4.6 billion in total trade included significant outflows from the <a href="https://news.todayq.com/grayscales-gbtc-to-trade-first-ahead-of-all-bitcoin-pump-closing-in/" target="_blank" rel="noopener noreferrer nofollow">Grayscale Bitcoin Trust</a> (GBTC), resulting in close to zero new inflows.
On the same platform, Eric Balchunas, Senior ETF Analyst for Bloomberg, offered a different perspective. However, he addressed the potential GBTC outflows but highlighted the overall success of the Bitcoin ETF launch.&nbsp;
He highlighted the event’s historical importance here as he cited impressive metrics linked to the market trade. These stats included volume, the number of trades, flows, and media coverage. However, Bloomberg analysts encouraged observers to view it as a multi-year process. He stressed the importance of considering volume as a key factor in attracting significant investors. What does data show? 
According to Reuters, the ETFs from issuers like BlackRock, Grayscale, and Fidelity dominated trading volumes, with $4.6 billion worth of shares traded as of Thursday afternoon. The launch of eleven spot bitcoin ETFs marked a major moment for the digital assets industry. Eventually, it tested the broader acceptance of digital assets as investments.
The regulatory approval led to intense competition among issuers for market share. As reported, some firms reduced fees for their products, and that too below the industry standard even before the launch. Fees on the new bitcoin ETFs range from 0.2% to 1.5%, with several issuers offering fee waivers for a specified period or asset volume.
The trading market depicted that the debut of Bitcoin ETFs is seen as a big development. This indicates a growing willingness among traditional investors to explore digital assets as part of their investment portfolios. The competition among ETF issuers and the diverse reactions on the first day. This underscores the emerging nature of crypto assets.
Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

First day of Bitcoin ETF trading, Hit or flop?

Todayq News

Other articles published on Jan 17, 2024

Ripple Considers IPO Outside US in Response to SEC’s ‘Hostile’ Stance

ARK Invest Buys $15.9 Million Worth of Shares of its Newly Approved Bitcoin ETF

Ripple’s Brad Garlinghouse Cancels US IPO Plan, What’s Next?

VanEck to liquidate Bitcoin futures ETF

Bitcoin ETFs inch towards $10B in 3 days despite slow start

Calamari Network surges 53% following Manta announcements

Join our free newsletter for daily crypto updates!