The long-awaited Bitcoin spot ETF has finally been listed! Although US brokerages have varying attitudes towards it, with Merrill Lynch and Vanguard not offering this trading service, according to Bloomberg’s statistics, the trading volume of the Bitcoin spot ETF reached as high as $4.6 billion on the first day of listing, and even surged to $7.8 billion on the second day. Meanwhile, the price of Bitcoin plummeted significantly. Is the launch of this ETF considered successful?
(Bitcoin is still not favored? Major brokerages Merrill Lynch and Vanguard do not offer Bitcoin ETF, UBS and Citigroup are evaluating)
(ETF inventor does not support it! Vanguard withdraws from Bitcoin futures, solidifying its stance on “non-cryptocurrency” investments)
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(Bitcoin spot ETF officially listed, Bitcoin plunges, Ethereum takes over)
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Trading volume reaches $7.8 billion on the second day, with a net inflow of $660 million on the first day
Is the Bitcoin spot ETF considered successful?
Measuring by first-day trading volume
Compared with SPY and QQQ
According to the latest data provided by Bloomberg ETF analyst James Seyffart, the total trading volume of the Bitcoin spot ETF on the second day amounted to $7.82 billion, with Grayscale’s GBTC accounting for $4.166 billion, followed by BNY Mellon’s (IBIT) $1.618 billion, and Fidelity’s (FBTC) $1.155 billion.
Since the flow-in and flow-out data is for the previous day, statistics until the first day show that Grayscale’s GBTC had a net outflow of $95.07 million, while the other funds had net inflows. Bitwise (BITB) was the champion on the first day with $238 million, followed by Fidelity’s (FBTC) $227 million, and then BNY Mellon’s (IBIT) $112 million.
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In addition, Seyffart revealed that the outflow of GBTC on the second day was $484 million ($579 million outflow in two days), which seems to be not as expected, with investors not selling GBTC significantly and moving to other fund issuers.
The ETF with the least trading volume is $BTCW (excluding $DEFI, as it is a futures-based ETF converted into a spot ETF), with a trading volume of $6.6 million. Compared with the first-day trading volume of the new ETF, it surpassed 95% of the 500 new products launched last year.
Below is a comparison chart of the Bitcoin spot ETF and the largest trading volume of SPY and QQQ last year. In terms of trading frequency, trading volume, and nominal trading volume (referring to actual transaction amount), the Bitcoin spot ETF has performed remarkably well.
Note: SPY (SPDR S&P 500 ETF) is the largest and oldest ETF in the world, tracking the S&P 500. QQQ, on the other hand, is an ETF launched by Invesco that tracks the Nasdaq 100 index and is also the most popular ETF for investing in technology stocks.
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Bloomberg ETF analyst Eric Balchunas believes:
From all indicators, whether it’s trading volume, trading frequency, flows, or media coverage, it is a huge success and has historical significance. Despite limited platform availability, let’s relax a bit and consider it as a process of several years.
FBTC
GBTC
IBIT
Bitcoin spot ETF
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Related reading:
Bitcoin spot ETF officially listed, Bitcoin plunges, Ethereum takes over
Bitcoin reaches $49,000, spot ETF creates $4.6 billion on the first day, GBTC accounts for nearly half of the trading volume