How Was the First Day of Trading for Spot Bitcoin ETFs: Billions of Dollars Traded - Coin Newsletter

Spot Bitcoin exchange-traded funds (ETFs) received more than $4.6 billion in trading volume on its first day of trading.

According to data from Yahoo Finance, Grayscale's ETF outperformed its competitors with a volume of $2.3 billion**. It was followed by BlackRock with $1 billion and Fidelity ETFs with $712 million.

The U.S. Securities and Exchange Commission (SEC) approved ETF applications from the trio of Grayscale, BlackRock and Fidelity on Wednesday.

According to Bloomberg analyst Eric Balchunas' prediction, Grayscale has such high trading volume because investors are selling their shares. Unlike this, other ETFs are estimated to be bought.

The SEC's approval of 11 spot Bitcoin ETFs is a first for the crypto industry in the United States. Analysts at Standard Chartered estimate that between $50 billion and $100 billion could flow into ETFs this year.

ETFs founded by Valkyrie, WisdomTree, and Hashdex received less than $10 million** in volume in the first few hours after trading began.

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