US bitcoin ETFs see $4.6 billion in volume in first day of trading
Summary:
• Low fees by issuers spark race for market share
• Bitcoin hits two-year high
• Traders closely eyeing bid-ask spreads
Jan 11 (Reuters) - U.S.-listed bitcoin exchange-traded funds (ETFs) saw $4.6 billion worth of shares trade hands as of Thursday afternoon, according to LSEG data, as investors jumped into the landmark products approved by the U.S. securities regulator on Wednesday.
The products mark a watershed moment for the cryptocurrency industry that will test whether digital assets - still viewed by many professionals as risky - can gain broader acceptance as an investment.
Eleven spot bitcoin ETFs - including BlackRock's iShares Bitcoin Trust (IBIT.O) , Grayscale Bitcoin Trust (GBTC.P) , and ARK 21Shares Bitcoin ETF (ARKB.Z) , among others - began trading Thursday morning, kicking off a fierce competition for market share.
Grayscale, BlackRock and Fidelity dominated trading volumes, the LSEG data showed.
"Trading volumes have been relatively strong for new ETF products," said Todd Rosenbluth, strategist at VettaFi. "But this is a longer race than just a single day's trading.
Read More: https://www.reuters.com/technology/spot-bitcoin-etfs-start-trading-big-boost-crypto-industry-2024-01-11/
Summary:
• Low fees by issuers spark race for market share
• Bitcoin hits two-year high
• Traders closely eyeing bid-ask spreads
Jan 11 (Reuters) - U.S.-listed bitcoin exchange-traded funds (ETFs) saw $4.6 billion worth of shares trade hands as of Thursday afternoon, according to LSEG data, as investors jumped into the landmark products approved by the U.S. securities regulator on Wednesday.
The products mark a watershed moment for the cryptocurrency industry that will test whether digital assets - still viewed by many professionals as risky - can gain broader acceptance as an investment.
Eleven spot bitcoin ETFs - including BlackRock's iShares Bitcoin Trust (IBIT.O) , Grayscale Bitcoin Trust (GBTC.P) , and ARK 21Shares Bitcoin ETF (ARKB.Z) , among others - began trading Thursday morning, kicking off a fierce competition for market share.
Grayscale, BlackRock and Fidelity dominated trading volumes, the LSEG data showed.
"Trading volumes have been relatively strong for new ETF products," said Todd Rosenbluth, strategist at VettaFi. "But this is a longer race than just a single day's trading.
Read More: https://www.reuters.com/technology/spot-bitcoin-etfs-start-trading-big-boost-crypto-industry-2024-01-11/
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