After receiving landmark approval on Wednesday, Spot Bitcoin ETF trading volume already surpassed $4.5 billion in trading volume on its first day. In just the first hour, trading for the new ETF reached $1.74 billion.
Following the approvals granted on Wednesday, Spot Bitcoin ETFs officially began trading Thursday morning. 11 asset firms had the ETFs prepared for trade right after approval came, including BlackRock, Fidelity, and others. Now, trading volume for the products has already surpassed expectations set by Bloomberg of $4 billion.
Also Read: Spot Bitcoin ETFs Begin Trading
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.
As investments grow in Bitcoin due to the new ETFs, the trading volume of Bitcoin is up nearly 10% in the last 24 hours as well. Furthermore, the leading cryptocurrency has seen a steady green trend in price over the last 24 hours, including a huge spike north of $48,000 shortly after markets opened up.
Bitcoin will only rise more as the next halving creeps closer and more bank clients get acclimated with Bitcoin ETFs.