The first day of trading for the 10 approved spot bitcoin ETFs started with a bang, and the momentum seems to be holding.
As of 12 pm ET, total volumes surpassed $2.6 billion, according to data from the TIE terminal.
BlackRock’s iShares Bitcoin Trust and Grayscale led trade volume in early afternoon trading, with roughly 26 million shares in BlackRock’s fund traded since the ETF launched Thursday morning.
Read more: Bitcoin ETF tracker
Yahoo Finance data shows roughly 33 million shares of Grayscale’s recently converted ETF have traded since this morning.
Fidelity rounded out the top three ETFs with volume sitting at 11 million shares traded.
After briefly topping $49,000 Thursday, the price of bitcoin (BTC) settled around $46,000. According to data from CoinGecko, the 24-hour trading volume for bitcoin hit $55 billion.
The spot bitcoin ETFs surpassed $1 billion in trade volume within the first 30 minutes of trading after the bell.
On Wednesday, the US Securities and Exchange Commission approved the 11 spot bitcoin ETFs. After making the S-1s effective, the ETFs were cleared to start trading Thursday morning.
So far the volumes have far outpaced the volumes seen by the ProShares Bitcoin Strategy ETF (BITO), which launched back in October 2021.
The fund’s first trading day saw roughly $950 million in reading volume, reaching $1 billion in assets under management (AUM) in the following days.
Editor’s note: Following the publication of this story, Hashdex revealed that — while a rule change to list Hashdex’s bitcoin futures fund as a spot product was approved — its registration statement to convert the fund is still under SEC review.
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Source: https://blockworks.co/news/bitcoin-etf-trading-volumes-in-billions