United

Bitcoin

Spot

Grayscale Bitcoin Trust

James

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/spot-bitcoin-etfs-witness-eight-digit-trading-volumes-in-first-three-days-in-the-us/" data-wpel-link="internal">Spot Bitcoin ETFs Witness Eight-Digit Trading Volumes in First Three Days in the US</a><br></p>
<p class="p1" style="text-align: justify">Spot <a href="https://en.coin-turk.com/bitcoins-velocity-indicator-hits-historic-lows-a-signal-for-long-term-holding/" data-wpel-link="internal">Bitcoin</a> exchange-traded funds (ETFs) in the United States have seen eight-digit trading volumes within three days since their launch. Bloomberg Intelligence analyst James Seyffart shared data via <a href="https://newslinker.co/category/social-media/" data-wpel-link="exclude">social media</a> platform X, indicating that as of January 16, spot ETF volumes had exceeded $10 billion.</p> 
<h2 class="p1" style="text-align: justify" id="bitcoin-and-the-etf-process">Bitcoin and the ETF Process</h2> 
<p class="p1" style="text-align: justify">The latest Bitcoin-focused ETF products have been the subject of debate since their initial launch on January 11, and the high trade activities have had little effect on the increase in Bitcoin prices. Bloomberg analyst Eric Balchunas argues that despite some experts’ cautious approach, the figures speak for themselves. Seyffart shared the following statement:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“Let me put into context how crazy the $10 billion volume in the first 3 days is. There were 500 ETFs launched in 2023. Today, they collectively did a volume of $450 million. The best one did $45 million. And many of them had months to get going. Just $IBIT is seeing more activity than the entire 23 Freshman Class.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-303830 size-full" src="https://coin-turk.com/wp-content/uploads/2024/01/btc-etf-veri.webp" alt="" width="903" height="325"></p> 
<p class="p1" style="text-align: justify">In terms of net inflows and outflows, the picture continues to show sales from the newly converted ETF product Grayscale Bitcoin Trust (GBTC). According to data from BitMEX research, the most significant net gains belong to BlackRock’s iShares Bitcoin Trust (IBIT). IBIT saw an increase of $700 million in three days.</p> 
<p class="p1" style="text-align: justify">Meanwhile, GBTC experienced more than $1.1 billion in net outflows. This suggests that investors are transitioning to ETF products due to higher transaction fees associated with GBTC.</p> 
<h2 class="p1" style="text-align: justify" id="famous-figures-comment-on-etfs">Famous Figures Comment on ETFs</h2> 
<p class="p1" style="text-align: justify">James Van Straten, a research and data analyst at crypto analysis firm CryptoSlate, expressed in part of his statement that the pace of transactions continuing throughout the first month would be very encouraging:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“Spot Bitcoin ETF inflows of $2 billion versus GBTC’s total outflows are currently at $1.18 billion.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-303828 size-full" src="https://coin-turk.com/wp-content/uploads/2024/01/etf-hacim.jpg" alt="" width="1076" height="644"></p> 
<p class="p1" style="text-align: justify">Meanwhile, Jan3 CEO Samson Mow predicted that the balance in the ETF field would return after the volume increase post-launch, and stated the following:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“Everything needs time to recalibrate. The GBTC selling pressure will not be a long-term process. Many can’t sell because the tax burden is too great, and eventually, Grayscale will have to give in regarding fees. This is likely to happen sooner rather than later.”</p> 
</blockquote> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/spot-bitcoin-etfs-witness-eight-digit-trading-volumes-in-first-three-days-in-the-us/" data-wpel-link="internal">Spot Bitcoin ETFs Witness Eight-Digit Trading Volumes in First Three Days in the US</a></h5>

Spot Bitcoin ETFs Witness Eight-Digit Trading Volumes in First Three Days in the US

Table of Contents

COINTURK NEWS

Other articles published on Jan 17, 2024

Bitcoin Mining Stocks Face Steep Decline Amid ETF Rise

Jamie Dimon Sees Value in Blockchain, Calls Bitcoin a ‘Pet Rock’

CcHub, Edo State Government announces $700,000 equity-free fund for 50 startups

Solana Surges Amid Crypto Slump: Golden Opportunity for Buyers?

Investors and Visionaries Chart a Course for Success: VC Founders Yacht Cruise Returns to Dubai!

What exactly is Jamie Dimon’s issue with Bitcoin?

Join our free newsletter for daily crypto updates!