After receiving landmark approval on Wednesday, Spot Bitcoin ETF trading volume reached $1.74 billion in the first hour. Indeed, the investment products were already set to get going on Thursday morning. Moreover, Yahoo Finance Data shows that the investment vehicle has surpassing expectations thus far.
The US Securities and Exchange Commission (SEC) reversed a long-standing trend when it approved 11 Spot Bitcoin ETF applications. Additionally, Bloomberg predicted massive inflows in the first trading day, nearing $4 billion. Currently, the investment product is nearly halfway to that forecast.
Also Read: Spot Bitcoin ETFs Begin Trading
Spot Bitcoin ETF First Hour Trading Volume Nears $2 Billion Mark
For the past several months, anticipation for a Spot Bitcoin ETF in the United States reached an all-time high. Although there was still uncertainty, many had expected such an approval to be granted. Now, after those expectations come to fruition, the fruits of the excitement are beginning to come into view.
Spot Bitcoin ETF trading volume has already reached $1.7 billion in the first hour of trading. Indeed, the 11 approved issuers were ready to go not even 24 hours after the approval was made public. Now, the offering is beginning to show why so many within the industry were so excited about the product.
Also Read: Robinhood CEO Announces Plan to List Bitcoin ETF Soon
The presence of investment vehicles and so many well-known asset management firms issuing them brings a lot of new investors into the space. Subsequently, there were high hopes as to how the product would perform in the opening hours of trading, with the performance of BlackRock’s iShares Bitcoin Trust a key development.
Bloomberg noted that BlackRock could break the inflow record with more than $2 billion in assets. That certainly does appear out of the realm of possibility, considering how the ETFs are performing to this point. Conversely, how the price of Bitcoin responds will be yet another interesting development to keep note of.