Here’s How Many Traders Tapped Bitcoin Spot ETFs

The cryptocurrency market has recently witnessed a surge in trading activity following the launch of Bitcoin spot exchange-traded funds (ETFs).

In a single day, these ETFs registered a staggering 700,000 trade windsaccording to industry analyst Eric Balchunas.

Grayscale and BlackRock in the lead

This figure significantly doubles the trading of Nasdaq’s QQQ, a popular ETF stock index. Meanwhile, Bitcoin price saw a sharp decline, falling more than 7% to $45,644 before paring some losses.

On the first day of trading, Bitcoin spot ETFs recorded a combined volume just shy of $4.7 billion, indicating strong investor interest in the long-awaited financial instruments.

The Grayscale Bitcoin Trust BTC (GBTC) led with an impressive $2.3 billion traded, capturing more than half of the market activity at 50.1%. The iShares Bitcoin Trust (IBIT) followed with a substantial $1.03 billion, securing a 22.3% share of the total volume. Fidelity’s Wise Origin Bitcoin Fund (FBTC) also made a notable entry with $712.7 million in trades, representing 15.3% of the market.

The ARK 21Shares Bitcoin ETF (ARKB) contributed $289.1 million, representing 6.2% of the total volume.

The Bitwise Bitcoin ETF (BITB) and other smaller funds including Invesco Galaxy Bitcoin ETF (BTCO), Valkyrie Bitcoin Fund (BRRR), VanEck Bitcoin Trust (HODL), Franklin Bitcoin ETF (EZBC), WisdomTree Bitcoin Fund (BTCW) and Hashdex Bitcoin Futures ETF (DEFI), rounded out the rest of the volume, each attracting less than 2.7% of total trades.

Varied responses from financial institutions

Trading volumes show strong retail interest, but institutional responses have been mixed. JPMorgan, despite being named an authorized participant in BlackRock’s Bitcoin ETF, reportedly issued warnings against purchasing the ETF, hinting at internal conflicts regarding Bitcoin.

Meanwhile, investment giant Vanguard has prevented clientele from purchasing Bitcoin ETFs.