In an unprecedented show of interest, the trading volume of Spot Bitcoin Exchange-Traded Funds (ETFs) soared to a staggering $4.5 billion on their first day of trading. This record-breaking debut underscores the growing appetite for cryptocurrency-based investment products among mainstream investors.
The launch of the Spot Bitcoin ETFs, the first of their kind in the U.S., marks a significant milestone for the crypto industry. It allows investors to gain exposure to Bitcoin without the need to directly own or manage the digital asset.
According to data compiled from various sources, including Bloomberg, CoinGecko, and The Block, the first batch of U.S. Spot Bitcoin ETFs crossed the $2 billion mark in trading volume by 11 a.m. ET. By the end of the day, the trading volume had more than doubled, reaching an astounding $4.5 billion.
Major players like BlackRock and Fidelity emerged as early winners among the 11 Spot Bitcoin ETFs that hit the market4. The Grayscale Bitcoin Trust also saw significant activity, recording $1.3 million in volume.
Despite the overwhelming success of the Spot Bitcoin ETFs on their first day of trading, not all platforms are jumping on the bandwagon. Vanguard, one of the world's largest investment management companies, announced that it would not offer Spot Bitcoin ETFs on its platform.
Nevertheless, the launch of the Spot Bitcoin ETFs and their subsequent trading volumes indicate a significant shift in the acceptance and adoption of cryptocurrency assets. As more investors seek diversified and regulated avenues to invest in cryptocurrencies, the demand for products like Spot Bitcoin ETFs is expected to grow.