Inflows into the 10 new bitcoin ETFs hit +$1.4 billion over 2 days.
Subtracting GBTC's outflows of -$579m we get a net inflow of +$818.9m into the 10 new vehicles. People rotating out of GBTC into the others & Grayscale selling BTC are behind the price dump despite the inflows. Source: Joe Consorti, Bloomberg
What are the key takeaways from DAY 1 of bitcoin spot etf?
- The first US ETFs that directly hold Bitcoin are off to a strong start, with billions of dollars changing hands in a historical first day of trading for the long-sought investment vehicles. - The Blackrock iShares Bitcoin Trust ($IBIT) has passed $1B in volume today - The whole group hit $4.3B in volume or $2.2B ex-GBTC - 4 issuers are ABOVE $100B volume - The Bitcoin futures ETF $BITO smashed it's all time volume record in this historic day with $2b traded.. perhaps some is redemptions but it is probable that $BITO's liquidity will serve purpose in market maker for a while - $BITO and $GBTC are both in the Top 10 among overall ETFs in trading volume today.. $IBIT and $FBTC also making in Top 25, just to give some context on how this volume fits in w bigger picture. Just overall superb showing. Remember the futures ETFs barely did $2m - As a side note, $7.7 trillion asset manager Vanguard says they will NOT offer spot Bitcoin ETF.
The approval of 11 bitcoin spot etf by the SEC is going to accelerate adoption of cryptocurrencies by Wall Street(and Main Street).
Adoption rhymes with education and this is precisely what the big guys are currently doing -> training their staff to better understand, explain and promote crypto products & solutions to their clients.
BlackRock may break the first-day flow record with a possible $2 billion asset injection on the first day of trading for its US spot Bitcoin ETF
according to BI's senior ETF analyst Eric Balchunas Seed funding could combine with grassroots interest to give it momentum in a race that includes up to 11 ETFs that we think could gather as much as $4 billion on the first day, and $50 billion of assets within two years.
It looks like Ark Bitcoin ETF has been approved by SEC. Van Eck HODL as well. Both are now available on Fidelity website.
let see if it is not another fake news…
Bloomberg has already prepared the DES pages for the bitcoin spot etf candidates
in case one or several ones get approved tonight
Bitcoin $BTC Spot ETFs could trade at an 8% premium relative to the underlying asset warns GTS market maker Reggie Browne
Source: Barchart
Grayscale Bitcoin Trust $GBTC traded close to half a billion on Monday
which is more than 99% of the 3000 current ETFs, and reminder that they are bringing a (volume) gun to a knife fight if they launch with everyone else. That said, the 1.5% fee will act as a repellent at a time when the big asset managers plan to launch spot BTC ETF at 0% or super low fees. Source: Eric Balchunas, Bloomberg
