After a decade-long anticipation, the United States Securities and Exchange Commission (SEC) approved the first-ever spot Bitcoin ETF on January 10. Remarkably, ETF trading commenced within 24 hours of the approval, marking a pivotal moment in the cryptocurrency market.
Leading the charge, BlackRock’s iShares Bitcoin Trust (IBIT), Grayscale Bitcoin Trust (GBTC), Valkyrie Bitcoin Fund (BRRR), Bitwise (BITB), and ARK 21Shares Bitcoin ETF entered the trading arena. The first few hours witnessed substantial trading volume, surpassing half a billion dollars for the group, as noted by Bloomberg Bitcoin ETF analyst Eric Balchunas.
Notable Performances in Early Trading
In the initial trading period, the Grayscale Bitcoin Trust experienced a nearly 6% surge, while the iShares Bitcoin Trust recorded a more than 4% jump. GBTC emerged as the largest player, constituting 40% of the total volume, surpassing the $1 billion mark within the first two hours.
The Grayscale fund, with over $28 billion in assets, underwent a conversion from an over-the-counter trust to participate in the ETF market.
The SEC’s approval of 11 spot Bitcoin ETFs has opened avenues for investments in the world’s largest cryptocurrency without direct exposure to digital tokens. This regulatory milestone is expected to reshape the landscape of crypto investment.
TradingView Adapts to Spot Bitcoin ETFs as Bitcoin Hits $49,000
In response to the new ETFs, charting platform TradingView swiftly added support, enabling traders to track and analyze performance using the price tickers of the issuers.
As spot Bitcoin ETFs debuted, the broader crypto market responded positively. Bitcoin registered a 2.7% surge, briefly surpassing $49,000 before settling at the current price. The total crypto market capitalization also reflects a 3.57% increase over the last 24 hours, reaching $1.76 trillion.
