News - $4.4 billion: This was the first day of Bitcoin ETFs

By Mike Hesp

$4.4 billion: This was the first day of Bitcoin ETFs

Bitcoin (BTC)

Looking at the Bitcoin price, you might think the first ETF trading day was a flop. Why that's not true.

Yesterday went eleven Bitcoin Spot ETFs - from BlackRock's IBIT to Ark Invest's ARKB - to the US stock exchange.

According to Bloomberg analyst sources, the trading volume of the five largest ETFs totaled 4.4 billion on the first day.

Grayscale took first place with more than 50 percent. BlackRock follows with about a billion. Fidelity is still on the podium with $700 million. Ark Invest ($288 million) and Bitwise ($125 million) have to make do with 4th and 5th place.

There were a total of 700,000 individual commercial transactions scattered across the eleven ETFs. By comparison, that's twice as many trades as for the technology stock ETF QQQ.

The current market capitalization of all eleven investment products at the time of writing is approximately $7.15 billion, according to data from Blockworks. Bloomberg expected a capital inflow of only four billion dollars.

Bitcoin is unmoving. Although the cryptocurrency shot up toward 50,000 at the beginning of yesterday's trading day, BTC is now trading again at $46,327 - a growth of 1.23 percent over the past 24 hours.

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