Spot Bitcoin ETFs have enjoyed a successful start, witnessing substantial trading volumes of approximately $10 billion within their initial three days on the market, with Grayscale leading the pack.
Grayscale's recently converted Bitcoin Trust ETF (GBTC) demonstrated remarkable Tuesday trading volumes, amounting to roughly 25 million shares or $970 million. This followed GBTC's volumes of approximately $2.3 billion and $1.8 billion on Thursday and Friday, respectively. Despite the high trading volumes for GBTC, they did not indicate a net influx of funds, as the trust experienced net outflows of $579 million in the previous week. Having launched in 2013, the trust, now converted into an ETF, manages around $27 billion in assets.
BlackRock's iShares Bitcoin Trust (IBIT) also experienced substantial trading volumes, with nearly 15 million shares or approximately $370 million traded on Tuesday. Similarly, the Fidelity Wise Origin Bitcoin Fund (FBTC) witnessed around 8.2 million shares traded, valued at approximately $310 million.
The significant trading volumes for these spot Bitcoin ETFs indicate strong market interest and demand for regulated investment vehicles offering exposure to Bitcoin. Investors are actively participating in these ETFs, seeking opportunities to gain exposure to the cryptocurrency market.
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