Bitcoin

Grayscale Bitcoin Trust

James

Bitcoin Exchange-Traded Funds (ETFs) have taken the financial world by storm, surpassing the combined daily trading volume of all 500 ETFs launched in 2023. According to data from Yahoo Finance, on January 16th,10 newly approved spot Bitcoin ETFs collectively recorded over $1.8 billion in total volume, leaving last year’s entire ETF market far behind. How did the Bitcoin ETFs perform? 
Giants like <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</a>, <a href="https://news.todayq.com/blackrock-reduces-spot-bitcoin-etf-fees-heres-why/" target="_blank" rel="noopener noreferrer nofollow">BlackRock</a>, and <a href="https://news.todayq.com/fidelity-enters-the-race-for-ethereum-etf/" target="_blank" rel="noopener noreferrer nofollow">Fidelity</a> played an important role in contributing a significant $1.6 billion to the total volume. Eric Balchunas, an analyst at Bloomberg ETF, highlighted the magnitude of this feat, stating that the trading volume of the 10 Bitcoin ETFs was more than three times that of all 500 ETFs launched last year, which only amounted to $450 million.
Let me put into context how insane $10b in volume is in first 3 days. 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.
BlackRock’s iShares Bitcoin Trust emerged as the frontrunner, attracting a substantial net inflow of over $497 million in just the past three days. This marks a significant shift in investor sentiment towards Bitcoin-related investment products.
Bloomberg ETF analyst James Seyffart, along with data from Yahoo Finance, revealed that the total volume across all new spot Bitcoin ETFs reached a staggering nearly $10 billion within the first three days of trading. This robust performance underscores the growing demand for cryptocurrency investment opportunities. Grayscale and more 
Despite Grayscale’s Bitcoin fund leading in total trading volume with over $5.1 billion, it has experienced notable outflows as investors seek to adjust their exposure. The Grayscale Bitcoin Trust (GBTC) witnessed more than $579 million in total outflows since its trading debut on January 11th.
Balchunas expressed confidence that BlackRock’s product would continue to attract the most inflows, positioning it as the “most likely to overtake GBTC as Liquidity King.” This highlights the evolving dynamics in the cryptocurrency investment landscape and the shift in dominance among investment products.
LATEST: Day Three volume so far half a billion for the Newborn Nine which is healthy, about the same pattern dropoff rate as
Investors used to make good money with GBTC. But then there was a problem when its premium turned into a discount, making it hard for people to sell their Bitcoin at a lower price. The recent successful conversion of GBTC to a spot ETF has led to a decline in the discount, reaching as low as 1.55%. Investors who had their Bitcoin locked up for extended periods are now seizing the opportunity to exit the fund.
This surge in Bitcoin ETFs serves as a turning point in the crypto market. Institutional and retail investors alike, increasingly recognize and embrace the potential of digital assets. As of writing, Bitcoin is valued at $42,729.86, showing a slight increase of 0.03% over the last day. In the past 24 hours, the trading volume for Bitcoin has been $23.99 billion, accounting for around 15.43% of its total market capitalization, which currently stands at $838.65 billion.
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Bitcoin ETFs break records, outperforms entire 2023 market in a day

Todayq News

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