In a groundbreaking debut on January 11, Bitcoin spot Exchange-Traded Funds (ETFs) shattered expectations, amassing an astonishing $1.6 billion in trading volume within minutes of the market opening. This surge follows the recent approval by the United States Securities and Exchange Commission (SEC) for the first Bitcoin spot ETFs.
Leading the pack among the 10 registered ETFs are industry giants Grayscale (GBTC), Blackrock (IBIT), Fidelity (FBTC), and Ark (ARKB), boasting capitalizations of $667.55 million, $475.6 million, $291.1 million, and $117.8 million, respectively.
Despite initial hurdles, including a purported hack of the SEC‘s official Twitter account spreading false information about BTC spot ETF approval, the ETFs were officially greenlit on January 10, setting the stage for the remarkable trading surge.
As trading volumes continue to fluctuate, reaching peaks exceeding $2 billion, the crypto community expresses overwhelming bullish sentiment. The successful launch of Bitcoin spot ETFs prompts anticipation for a potential Ether (ETH) spot ETF, with BlackRock filing for approval in November 2023. The SEC is expected to make a decision on the ETH ETF by May 23, 2024, and the positive reception of Bitcoin ETFs heightens optimism for the future of Ether in the ETF space.
