Bitcoin ETFs top 3X daily volume of all 500 ETFs launched in ’23 combined
On Jan. 16, spot Bitcoin ETFs produced $1.8 billion in volume — multiple times the joined exchanging volume that very day of every one of the 500 ETFs sent off in 2023.
The all out volume across 10 spot Bitcoin
BTC ETFs on Jan. 16 has, around the same time, dominated the absolute volume for every one of the 500 ETFs sent off in 2023 multiple times over.
Yippee Money information assembled by Cointelegraph shows the 10 as of late endorsed spot Bitcoin ETFs produced simply more than $1.8 billion in complete volume on Jan. 16, with reserves presented by Grayscale, BlackRock, and Constancy representing $1.6 billion of the aggregate.
In correlation, the consolidated Jan. 16 exchanging volume for each of the 500 ETFs sent off in the US last year remained at just $450 million, as per Bloomberg ETF expert Eric Balchunas.
BlackRock’s iShares Bitcoin Trust emerged as the clear leader in terms of attracting net inflows with more than $497 million over the past three days.
According to figures from Bloomberg ETF analyst James Seyffart and Yahoo Finance data compiled by Cointelegraph, the total volume of all new spot Bitcoin ETF products reached nearly $10 billion during the first three days of trading.
While Grayscale’s Bitcoin reserve actually stands out in complete exchanging volume — scoring more than $5.1 billion — the asset has encountered significant surges as financial backers look to decrease openness.
The Grayscale Bitcoin Trust (GBTC) has seen more than $579 million in complete outpourings since it started exchanging on Jan. 11. Balchunas added that BlackRock’s item would keep on drawing in the most inflows making it the “probably going to surpass GBTC as Liquidity Lord.”
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GBTC was once a boon for investors who would borrow money to enter the fund and then take profit from the Grayscale’s premium — typically used as a gauge for Bitcoin demand in the years before spot ETF products were available.
The benefit of this exchange quickly reverse flipped into outsized misfortunes when the premium unexpectedly turned into a markdown, which caught numerous financial backers in the asset, reluctant to sell their Bitcoin at a precarious rebate.
Following GBTC’s fruitful change to a spot ETF the rebate has fallen as low as 1.55%, with financial backers who had their Bitcoin secured for broadened periods currently making a move to get out.
