Spot Bitcoin ETF Trading Volume Nearly $7.7 Billion In First Two Days –

Key Points:

• The second day of spot Bitcoin ETF trading amassed $3.1 billion, adding to Thursday’s $4.6 billion, totaling nearly $7.7 billion.
• Grayscale’s converted GBTC fund led Friday’s trading with $1.8 billion, while BlackRock and Fidelity also saw significant volumes.
• Bitcoin, after reaching $49,000, experienced a 10% correction, dropping to $41,500 amidst the ETF trading excitement.

On the second day of spot Bitcoin ETF trading, they lived up to the hype, amassing a total volume of $3.1 billion, slightly lower than Thursday’s $4.6 billion, resulting in an impressive cumulative total of nearly $7.7 billion, according to data from Yahoo Finance compiled by The Block.

Spot Bitcoin ETF Trading Volume Remains Stable, Accumulating $7.7 Billion in Two Days

Leading the charge among issuers on Friday was BlackRock, with $564 million traded, closely followed by Fidelity with a volume of $431 million.

Grayscale, in a notable move, transformed its flagship GBTC fund into a spot Bitcoin ETF, securing the top spot in Friday’s spot Bitcoin ETF trading activity with a total volume of $1.8 billion. The debut of the 10 spot Bitcoin ETFs on Thursday witnessed around $4.6 billion worth of shares changing hands. Grayscale’s Bitcoin Trust (GBTC), existing since 2013, saw a historic first-day turnover of $2.3 billion.

Bloomberg ETF analyst James Seyffart reported a $484 million outflow from Grayscale GBTC, while ARK Invest ETF experienced a $42.5 million inflow. Speculation arose as Grayscale transferred Bitcoins to Coinbase addresses, indicating possible redemptions by users.

However, the cryptocurrency market saw a pullback from a two-year high, with Bitcoin dropping as much as 10% to $41,500 after briefly surpassing $49,000 on Thursday. BlackRock CEO Larry Fink added to the dialogue, likening Bitcoin to a traditional asset. Despite the retreat, the cumulative spot Bitcoin ETF trading volumes underscore the robust interest and growing activity in the dynamic realm.

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