The first day of the newly minted spot Bitcoin ETFs It’s in the books, and it didn’t disappoint.
New BTC funds managed to liquidate $4.5 billion in volume and achieved some major milestones.
If this sounds like a big number, that’s because it is. Despite all the hype, market watchers were not expecting such a big showing across the board. “Even getting $500 million in inflows on day one is a noteworthy challenge,” said Adam Goren, co-founder of cryptocurrency hedge fund Hunting Hill Digital. Decryption in October.
The appetite for Bitcoin from Wall Street investors, who can now get exposure to Bitcoin without directly storing or holding the asset — and who have been denied that option by the SEC for more than a decade — appears to have been there all along.
BlackRock’s iShares Bitcoin Trust, which trades on the Nasdaq under the ticker IBIT, liquidated nearly $1 billion worth of volume on its own. It accounted for 22% of the total trading volume in all 10 Bitcoin ETFs on Thursday. (Yes, that’s 10, not 11 — more on that later.)
Despite the strong morning performance, BlackRock’s IBIT index closed the trading day at $26.62 – down 4.6% from the opening price. The fund had a hectic start, with 3 million shares moving before markets opened, but lost some steam as the day wore on.
It’s worth noting that BlackRock, whose ETF catalog trades under the iShares brand, has often enjoyed significant exposure for its ETFs.
The list of new spot Bitcoin exchange-traded funds changed during the day, as it lost one of its participants. in it advertisement Regarding Bitcoin ETF approvals yesterday, the SEC included the Hashdex Bitcoin ETF on its list. But Hashdex made its own announcement this afternoon to clear up some of the confusion.
Hashdex has received permission from the Securities and Exchange Commission to convert its Hashdex Bitcoin Futures ETF, which trades on the New York Stock Exchange under the ticker DEFI, into a spot BTC fund. The rule change is similar to the one that allowed GBTC to trade like a spot Bitcoin ETF. But Hashdex has not followed through on the change yet.
“The Fund, which is currently a futures product, does not currently hold spot Bitcoin in its wallet,” the company said in a press release. “Later, the fund will change its name and change its investment strategy to allow spot bitcoin in its portfolio.”
The company added that the registration statement that will make the change final is still under review by the Securities and Exchange Commission. When completed, this will once again bring the total list of Bitcoin ETFs in the US to 11.
While most of the attention today is focused on BlackRock, original crypto digital asset manager Grayscale has achieved an impressive feat in its own right. Company Grayscale Bitcoin Trust saw an all-time high daily volume of 56 million shares on Thursday. It’s the odd one out in the Bitcoin ETF lineup because it actually has a 10-year history, and originated as a Bitcoin investment product for accredited investors.
Today’s GBTC volume beats the next day’s high, 40 million shares on May 25, 2017, by a very wide margin.
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