Bitcoin Blasts Over $49,000 As ETFs Gather $1.7 Billion In Volume After Launch

11 months ago 3

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Bitcoin (BTC) ripped to another multi-year high of $49,000 on Thursday within an hour of the first U.S. Bitcoin spot ETFs going live on public markets.

Between all 11 fund providers, Bitcoin ETFs have already traded $1.7 billion in cumulative volume, based on Yahoo Finance data.

According to Bloomberg ETF analyst James Seyffart, Grayscale’s Bitcoin Trust (GBTC) has led the pack in terms of volume, trading at least $446 million just 30 minutes after the market opened.
Meanwhile, Blackrock’s iShares Bitcoin Trust (IBIT) has gathered $388 million in volume, making it the best-performing newly launched fund so far.
Fidelity’s fund (FBTC) has proven the next most popular, gathering $230 million in volume, followed by Ark Invest/21Shares’ fund (ARKB), which has traded $82 million in volume.
The cumulative flows have outpaced that of BITO, the Bitcoin futures ETF approved in 2021 which reached $2 billion in AUM shortly after its spot ETF counterparts were greenlighted on Wednesday.
“No way to know how much of this is flows,” clarified Seyffart, while predicting that a “significant portion” of the volume is likely newly added funds.
By contrast, Seyffart predicted that much of GBTC’s volume is in the form of outflows.
The asset manager kept its Bitcoin ETF’s annual management fee significantly higher than competitors at 1.5%, potentially incentivizing some investors to rotate into newer, cheaper competitors boasting sub 0.5% fees.
Bitcoin rose to $49,007 within minutes of the launch, before dipping back to $47,800 at writing time.