Spot Bitcoin ETFs Launch with $4.6bn Turnover Amid Market Uncertainty
Spot Bitcoin ETFs: An Impressive Start with $4.6 Billion on the First Day
The launch of Spot Bitcoin ETFs (Exchange Traded Funds) has had a resounding start. On the first trading day, around $4.6 billion was turned over. Institutions such as Grayscale and BlackRock have emerged as leading players in Spot Bitcoin ETF trading.
The First Days in Review
After the approval of several Spot Bitcoin ETFs, traders immediately plunged into business. According to data from Reuters, the cumulative volume reached about $4.6 billion at the end of the trading day on January 11. Grayscale, BlackRock, and Fidelity were the dominant players on the first day. Grayscale led the field with a remarkable volume of around $2.2 billion.
The First Signs of Resistance
Despite the impressive start, there are also initial signs of resistance. Elizabeth Warren, a member of the US Senate, has repeatedly expressed her skepticism about cryptocurrencies. The recent approval of the ETF has hardly changed her stance. She criticized the SEC and expressed concerns that Bitcoin and crypto in general do not comply with the basic regulations to combat money laundering.
The Reaction of the Bitcoin Market
Despite the excitement about the Spot ETFs, Bitcoin has not yet shown any positive reactions. At the end of January 11, BTC recorded a slight decline of less than 1%, but continued to trade above the $46,000 mark. At the time of writing this article, the downward trend continued, but remained under 1%. It was traded at a rate of about $46,170.
Conclusion
It remains to be seen how the Spot Bitcoin ETFs will develop in the future. The first trading days were promising, but there are also initial signs of resistance. However, the further performance of the ETFs could either reinforce or weaken these negative sentiments.
Sources: Reuters, Trading View, AMBCrypto
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