Benzinga - On Jan. 10, the Securities and Exchange Commission (SEC) approved allowing 11 spot Bitcoin exchange-traded funds (ETFs) to trade on equity markets. The ETFs are expected to bring new investors into Bitcoin because there's a new way to access investment in the cryptocurrency.
Some of the largest asset managers and crypto firms took part in the offerings, making them even more appealing to investors.
All of this, combined with years of build-up and hype, resulted in $4.6 billion in volume across the 11 spot Bitcoin ETFs.
Don't Miss:
- This brokerage offers custom rewards for users to switch – the biggest reward so far for 1 user is $19,977.48. Will yours beat it?
- The last-standing top crypto exchange without a major security breach offers what now?
Here's a list of the ETFs and their volume on Day One:
Grayscale Bitcoin Trust (GBTC): $2.09 billion
iShares Bitcoin Trust by BlackRock (IBIT): $1.01 billion
Fidelity Advantage Bitcoin (FBTC): $673 million
ARK 21Shares (ARKB): $275 million
Bitwise Bitcoin ETF (BITB): $120 million
Franklin Bitcoin ETF (EZBC): $65.2 million
Invesco Galaxy (BTCO): $44 million
VanEck Bitcoin Trust (HODL): $24 million
Valkyrie Bitcoin Fund (BRRR): $9 million
WisdomTree Bitcoin Fund (BTCW): $6.4 million
Hashdex Bitcoin Futures ETF (DEFI): $4.2 million
Grayscale is the largest crypto asset manager in the world. Its GBTC ETF existed before the spot ETF approval. Before, GBTC was a futures-linked ETF. It was converted into a spot ETF on Jan. 10. It was known to investors for some time, so some saw it as the go-to for trading.
Other notable firms on the list include BlackRock, which is the world's largest asset manager with over $9 trillion in assets under management, and ARK, a leader in the technology ETF space.
One notable firm not included on the list is Vanguard, a leader in the ETF space. It said that Bitcoin is too high risk and volatile, leading it to not offer a spot Bitcoin product to its clients.
All in all, over 700,000 individual trades were processed. This is nearly twice the amount of the leading NASDAQ ETF, QQQ. While QQQ had higher volumes on Day One, the large amount of trades signifies the amount of retail investment in the spot Bitcoin ETFs.
On Day One, the ETFs and Bitcoin did not perform incredibly well. Every ETF fell by 5% to 6%. The night before the approvals, Bitcoin hit a two-year high, so many see it as a sell-the-news event. This is relevant because the approvals have been seen as imminent for some time.
It will be interesting to see how the price of Bitcoin and the ETFs move in the coming days and weeks. Make sure to use Benzinga to stay up to date on all things crypto.
Read Next:
- Did you know $2.5 BILLION was earned by BTC miners in the 4th quarter of 2023?
- Don't buy the top this time around. Reboot your crypto portfolio today.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.