Spot Bitcoin ETFs Reach $10 Billion Volume: What’s Next?

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• Spot Bitcoin ETFs recently introduced in the United States have shown a strong start, reaching significant trading volumes in their first weeks.
• James Seyffart, analyzing the new ETF launches, notes that most of these launches have been quite successful in terms of metrics.
• ProShares has taken a significant step in the cryptocurrency investment landscape by filing with the U.S. Securities and Exchange Commission (SEC) for five leveraged spot Bitcoin ETFs.

The volume of spot Bitcoin ETFs in the US managed to reach $ 10 billion in the first 3 days: Which ETF made how much volume in total?

Volume of Spot Bitcoin ETFs Reaches Massive Scale

Spot Bitcoin ETFs recently introduced in the United States have shown a strong start, reaching significant trading volumes in their first weeks. James Seyffart, ETF strategist at Bloomberg, reports that the total trading volume of all spot Bitcoin ETFs exceeded $10 billion in the first three days since their introduction.

According to information provided by Bloomberg analyst James Seyffart, the total trading volume of Bitcoin spot ETFs in the United States reached approximately $10 billion within the first three days. During this period, Grayscale’s GBTC recorded a three-day trading volume of $5.174 billion, BlackRock’s IBIT $1.997 billion, and FBTC $1.479 billion. The total trading volume of these three Bitcoin spot ETFs impressively amounts to $9.771 billion, indicating significant investor activity in the cryptocurrency market.

Analyzing the new ETF launches, James Seyffart notes that most of these launches have been quite successful in terms of metrics. Seyffart only points out Wisdomtree as an exception to this successful performance, which currently has assets of only $3.25 million. Emphasizing that this competition is a long-term journey with growth and evolution potential, Seyffart notes that it is only the third day of the launch.

As another development, ProShares took a significant step in the cryptocurrency investment landscape by filing with the U.S. Securities and Exchange Commission (SEC) for five leveraged spot Bitcoin ETFs. These ETFs will track the daily performance of the Bloomberg Galaxy Bitcoin Index with leverage options ranging from -2x to +2x.

Specific tickers and fees for these leveraged ETFs have not yet been determined, and they are expected to take effect in April, subject to regulatory approval. ProShares aims to provide investors with the opportunity to participate in the spot market of Bitcoin through various leverage options, depending on the SEC’s review and approval process.

BTC Price Movement

Following the introduction of Spot Bitcoin ETFs, the price of BTC came under strong selling pressure last week. At the time of writing, Bitcoin is trading at $42,740, with a market value of $840 billion.

According to on-chain data provided by Santiment, there is a notable trend among large Bitcoin wallets, actively reducing the average age of coins by actively moving old coins. While there are signs that this movement may have temporarily stopped, this situation could lead to a pause in the current bullish cycle in the cryptocurrency market.