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bitcoin spot ETFs (exchange-traded funds) generated $1.8 billion in volume on January 16, three times the combined trading volume that same day for the 500 ETFs that launched in the US in 2023.
During the first three days of trading, new bitcoin ETFs accumulated $10 billion in volume, led by Blackrock, Grayscale, and Fidelity.
“Let me put into context how crazy a $10 billion volume in the first 3 days is,” Bloomberg ETF analyst Eric Balchunas said in an X. mail. “500 ETFs launched in 2023. Today, they generated a COMBINED volume of $450 million. “$IBIT alone is seeing more activity than the entire freshman class of ’23.”
BlackRock, Grayscale and Fidelity continue to highlight the dominance of bitcoin ETFs
BlackRock, Grayscale and Fidelity accounted for a whopping $1.6 billion of the $1.8 billion volume It's January 16. Among these ETFs, BlackRock's iShares bitcoin Trust was the clear leader in terms of attracting net inflows. In the last three days, the fund raised more than $497 million.
Grayscale's bitcoin fund maintains its lead when it comes to trading activity, having recorded over $5.1 billion in volume. However, the fund has seen considerable capital outflows as investors are likely to look for lower fees on new products.
Since it began trading on January 11, Grayscale bitcoin Trust (GBTC) recorded more than $579 million in total outflows.
LATEST: Third day volume so far is 500 million for healthy Nine Newborns, about the same pattern drop rate as $LITTLE (which was again the most successful organic launch in the ETF's history). $IR maintaining the lead as one of those most likely to overtake $GBTC as King of Liquidity. pic.twitter.com/hoatfSmNpN
– Eric Balchunas (@EricBalchunas) January 16, 2024
In a Jan. 16 update on X, Balchunas predicted that the BlackRock ETF would continue to attract the most inflows. He added that this would allow it to subsequently “overtake GBTC as the King of Liquidity.”
BlackRock attracts wealthier older generations
BlackRock's The initial success in the bitcoin ETF spot market could be due to its simplistic advertising approach in targeting wealthy boom investors. Many analysts and investors praised the largest asset manager in the world for its “bored”advertising and its success in attracting a mature and wealthy audience.
Amazing Blackrock Ads on $IRthe Blackrock bitcoin Spot ETF.
Definitely reaching a new market of investors through $IR
– Alessandro Ottaviani (@AlexOttaBTC) January 14, 2024
In the nearly two-minute video announcement, BlackRock US head of alternative ETFs and themes Jay Jacobs outlined bitcoin's value proposition.
The executive also explained how the BlackRock ETF offers investors exposure to btc. Following announcement release, BlackRock bitcoin spot ETF Recorded over $1 billion in volume during its first day of trading.
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