Bitcoin

Grayscale Bitcoin Trust

You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/spotlight-on-bitcoin-etfs-a-market-stirring-success" rel="noopener noreferrer nofollow">Spotlight on Bitcoin ETFs: A Market Stirring Success</a> 
The introduction of spot <a href="https://en.bitcoinhaber.net/signs-of-an-impending-bitcoin-price-surge-according-to-market-analysts" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs following the SEC’s lost lawsuit to Grayscale has been eagerly anticipated by the market. With the launch last week, the impact of these ETFs has started to become clear as experts provide more data.
Trading of the newly launched spot Bitcoin ETFs reached a volume exceeding three times that of all 500 ETFs launched in 2023 by January 16, causing significant market buzz. Grayscale, BlackRock, and Fidelity led the charge, with their ETFs contributing $1.6 billion to the total volume.
Bloomberg ETF analyst Eric Balchunas highlighted the contrast with the $450 million total trading volume of the 500 ETFs introduced in the US in 2023 on the same date. BlackRock’s iShares Bitcoin Trust dominated with over $497 million in net inflows in just three days.
Despite BlackRock’s lead in inflow volume, Grayscale’s Bitcoin fund topped the overall list with more than $5.1 billion in trading volume, attributed to investors’ fund outflows to reduce risks. Grayscale Bitcoin Trust (GBTC) has seen over $579 million in outflows since January 11, drawing significant attention.
Bitcoin’s price surged above $49,000 following the ETF approvals but then experienced a sharp drop to $41,500. As of January 17, the price has seen a slight increase to above $42,800, with the 24-hour trading volume up by 16%, exceeding $24 billion, while the overall market cap remains steady at $838 billion.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/spotlight-on-bitcoin-etfs-a-market-stirring-success" rel="noopener noreferrer nofollow">Spotlight on Bitcoin ETFs: A Market Stirring Success</a></h5>

Spotlight on Bitcoin ETFs: A Market Stirring Success

BH NEWS

Other articles published on Jan 17, 2024

ZenLedger Unveils Crypto Tax Filing Solution as Reporting Scrutiny Rises

Crypto trader turns $300 into $1.03 million, this is how

Dogecoin Holders Should Sell Their Bags and Buy Ethereum and Retik Finance Instead

Celestia Price: Will Celestia Hit $50 in 2024?

Bitcoin ETF: $10 Billion Traded in Just Three Days

Top Altcoins You Need To Keep An Eye On

Join our free newsletter for daily crypto updates!