2024-01-12 17:14:56
After the US Bitcoin spot ETF received approval from the US Securities and Exchange Commission on January 10, on the first trading day, January 11, the volume exceeded 4.5 billion dollars. Moreover, in the first hour, the new ETF collected a volume of 1.74 billion dollars. 11 asset managers are ready to trade on the first day, including BlackRock and Fidelity. The ETF therefore exceeded expectations, as Bloomberg predicted the first day’s performance at $4 billion.
Interest in the Bitcoin spot ETF has not yet reached its true peak
In addition to the fact that the ETF was approved, the interest was also driven by the fact that it was possible to enter the crypto market through really well-known asset managers. Bitcoin’s overall trading volume also jumped by nearly 10%, although it doesn’t show as much in the exchange rate currently (currently: BTC Price ) the increased interest. However, immediately following the approval, the exchange rate was above 48,000 dollars. Everyone is expecting a rise in the long term. Considering that the interest in Bitcoin ETFs has not yet reached its peak and the next halving event is coming soon.
Someone, let’s say, was not so impressed by this, Vanguard’s asset manager emphasized that they want to stay away from cryptocurrencies as much as possible. As the $7.7 trillion firm said, the option to invest in digital assets is “weak.” Of course, this is just their opinion, which is in stark contrast to the serious long-term profits cryptos provide investors. In addition, in connection with the Bitcoin spot ETF, the fact that Bitcoin and blockchains represent and give much more than simply speculative instruments was pushed into the background. And back to current developments, Grayscale’s asset manager emphasized in an email to clients and the press that they have become the first to receive approval to turn Grayscale into a Bitcoin Trust ETF.
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