Within minutes after debut, the trading volume of Bitcoin spot ETFs reaches $1.6 billion

Written by Rock Buivy

Post Date: 27 Jan, 24

Currently, trade volume is a dynamic target, making it challenging to pinpoint exact volume at launch.

Exchange-traded funds (ETFs) that track the price of bitcoin were off to an incredible start when trading officially started on January 11 with a total volume of about $1.6 billion minutes after the opening bell.

The US Securities and Exchange Commission just approved the first Bitcoin spot ETFs, which prompted the current rise.

Grayscale (GBTC), Blackrock (IBIT), Fidelity (FBTC), and Ark (ARKB) are the top four ETFs out of the ten that are currently registered.

Their capitalizations were approximately $667.55 million, $475.6 million, $291.1 million, and $117.8 million, respectively, at the time this article was published.

It is noteworthy that the trading volume exhibits continuous fluctuations, with certain snapshots displaying over $2 billion in volume.

This is due to order processing and variations in the overall volume from peak to trough.

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Long-awaited SEC X account thefts, false beginnings, and a great deal of perceived dread, anxiety, and doubt have clouded the launch of Bitcoin spot ETFs.

The SEC’s official X (Twitter) account was purportedly “hacked” on Tuesday, January 9. The perpetrator(s) subsequently posted a bogus message indicating that the agency has approved Bitcoin spot ETFs.

As soon as SEC Chair Gary Gensler and the public learned that the retrieved SEC account had been “hacked” and that no such approval had been granted, the news was swiftly withdrawn.

Despite some unfavourable market activity on Tuesday, the controversy proved to be insignificant because complete approval was granted on Wednesday, January 10, ahead of the debut on January 11.

Amidst the much-awaited debut of Bitcoin spot ETFs, an unsettling event transpired about the purported hacking of the SEC’s official Twitter account.

The crypto community was shaken by this incident, which involved the posting of a fake statement purporting to approve the ETFs.

The disclosure of this incorrect information, which SEC Chair Gary Gensler quickly explained, briefly unsettled the market and caused volatility.

“This incident, a testament to the industry’s dynamic nature, reinforces its resilience in overcoming obstacles. As we navigate emerging trends and witness the expanding acceptance of cryptocurrency in traditional finance, each challenge becomes a stepping stone toward a more robust and adaptable future.”

The episode serves as a reminder of the industry’s dynamic nature and ability to overcome obstacles as attention turns to the emerging trends and expanding acceptance of cryptocurrency in traditional finance.

This incident stands as a poignant reminder of the cryptocurrency industry’s dynamic character and its inherent resilience in the face of challenges.

As attention shifts towards the unfolding trends and the increasing acceptance of cryptocurrency within traditional finance, the episode serves as a testament to the industry’s capacity to swiftly adapt and navigate hurdles.

Despite momentary disruptions, the ongoing evolution of the crypto landscape remains marked by its ability to overcome obstacles and carve a path toward broader acceptance and integration in the financial mainstream.

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Bitcoin ETFs Triumph, Ethereum Spot ETF on the Horizon?

The cryptocurrency world seems to be almost all positive right now on social media, with most analysts and pundits praising the introduction of Bitcoin spot ETFs as historic.

The community is now focusing on the potential creation of an Ethereum spot ETF. BlackRock submitted an application for a spot Ether ETF in November 2023, as Cointelegraph recently revealed.

The SEC has until May 23, 2024, to make a judgement. Many supporters of cryptocurrencies think that the introduction of Bitcoin spot ETFs portends well for the development of an Ether ETF.

The hope for Bitcoin spot ETFs comes from the idea that these kinds of financial instruments could increase institutional investment in the cryptocurrency market.

The general expansion and adoption of cryptocurrencies in established financial markets are predicted to be positively impacted by this growing institutional interest.

Social media is alive with speculation about the possible ramifications of approving BlackRock’s Ethereum spot ETF application, as the cryptocurrency world waits impatiently for the SEC’s ruling.

If the Ethereum spot ETF receives SEC approval, it may represent yet another important turning point for the cryptocurrency economy.

Many fans believe that the approval of an Ether ETF might serve as another evidence of Ethereum’s maturity and validity, which could draw in more investors to the decentralised finance and blockchain space.

The way cryptocurrencies will develop in mainstream finance in the future is still being shaped by the regulatory environment.

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