Newly approved ETFs account for over $2.2B while GBTC and BITO see over $4B of trades.
A day after the SEC’s historic approval of nine Bitcoin ETFs, the new exchange-traded funds have racked up a combined $2.2B in trading volume on their first day of trading.
The approval of a spot Bitcoin ETF by the SEC is seen as a nod to the legitimacy and stability of Bitcoin as an investable asset. It signals a certain level of regulatory clarity and acceptance which the crypto industry has sought for a long time.
However, there have been reports that many top investment firms including Vanguard, Citi and UBS are not yet allowing their clients to trade any Bitcoin ETFs.
Bitcoin and the broader crypto markets have enjoyed a bullish resurgence ever since Blackrock, the world’s largest asset manager, filed to launch a spot Bitcoin ETF in June 2023. BTC has rallied over 80%, while Ether is up around 50% in the same span.
Meanwhile, most major altcoins have outperformed both, with Solana staging the best performance in the top ten, surging over 500% in 2023.