Despite a groundbreaking day in the US with the largest Exchange-Traded Fund (ETF) launch for a single asset, the Bitcoin price remained stagnant, hovering around the $46,000 mark. This development has raised questions within the community, particularly in light of the extraordinary trading volume and participation seen in the ETF market.
Record-Breaking ETF Launch
On its first trading day, Bitcoin ETFs saw unprecedented activity. The total volume reached $4.6 billion, distributed among major players such as Grayscale ($2.3 billion), BlackRock ($1 billion), Fidelity ($700 million), ARK 21Shares ($288 million), and Bitwise ($125 million). This event marked over 700,000 individual trades.
Nate Geraci, President of the ETF Store and co-founder of the ETF Institute, remarked, “GBTC had the largest ETF launch by trading volume ever with $2.3 billion… iShares Bitcoin ETF (IBIT) had the 5th largest launch with $1 billion. GBTC obviously had built-in liquidity, but it’s still a record. I
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