June 14, 2024
Bitcoin Spot ETF Launch Surpasses $1.6 Billion
Bitcoin News

Bitcoin Spot ETF Launch Surpasses $1.6 Billion

Bitcoin spot ETFs saw a robust start, recording around $1.6 billion in trading volume just minutes after trading commenced on January 11. The launch follows the recent approval by the United States Securities and Exchange Commission (SEC) of the first Bitcoin spot ETFs.

Leading the group of 11 registered ETFs are Grayscale (GBTC), Blackrock (IBIT), Fidelity (FBTC), and Ark (ARKB), with market capitalizations of approximately $667.55 million, $475.6 million, $291.1 million, and $117.8 million, respectively.

Trading volumes continue to fluctuate, reaching over $2 billion at times, reflecting ongoing order processing and varying total volume from peak to trough.

The launch of Bitcoin spot ETFs has been anticipated but faced challenges, including false indications of SEC approval due to an alleged hack of the SEC’s official Twitter account. The confusion was clarified by SEC Chairman Gary Gensler, who confirmed that no approval had been issued. The official approval came on January 10, paving the way for the launch on January 11.

Social media sentiment within the cryptocurrency community is predominantly bullish, with many regarding the arrival of Bitcoin spot ETFs as a monumental development.

Attention now turns to the potential approval of an ETH spot ETF, with BlackRock having filed for one in November 2023. The SEC’s decision deadline is May 23, 2024, and the positive launch of Bitcoin spot ETFs is seen by many as an encouraging sign for an ETH ETF.

Image by Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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