- The highly anticipated Spot Bitcoin ETF began trading on Thursday after receiving approval earlier this week and saw massive trading volume exceeding $4.5 billion on day one.
- The presence of these new ETFs from major asset management firms brings many new investors into the crypto space, driving up Bitcoin’s price and trading volume.
- With the new ETFs making Bitcoin more accessible to mainstream investors, Bitcoin will likely continue to rise as the next halving approaches and more investors get acclimated.
The highly anticipated Spot Bitcoin ETF began trading on Thursday after receiving approval earlier this week. The ETF saw massive trading volume right out of the gate, surpassing expectations.
Trading Volume Exceeds $4.5 Billion on Day One
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. 11 asset firms had ETFs ready for trade immediately after approval, including BlackRock, Fidelity and others.
Now, trading volume for the products has already surpassed expectations set by Bloomberg of $4 billion.
A Surge in Bitcoin Price and Volume
The presence of these new investment vehicles from major asset management firms brings many new investors into the space.
There were high hopes for how the ETFs would perform in the opening hours of trading. The performance of BlackRock’s iShares Bitcoin Trust was a key development.
As investments grow in Bitcoin due to the new ETFs, Bitcoin’s trading volume is up nearly 10% in the last 24 hours. Furthermore, Bitcoin has seen a steady upward trend in price over the last 24 hours. This includes a huge spike north of $48,000 shortly after markets opened.
Bitcoin Likely to Continue Rising
Bitcoin will likely continue to rise as the next halving approaches and more bank clients get acclimated to Bitcoin ETFs. The new ETFs make Bitcoin more accessible to mainstream investors.
Conclusion
The new Spot Bitcoin ETFs are off to a hot start, with massive trading volume on day one. This brings more investors into the crypto space and signals growing mainstream adoption. As this trend continues, Bitcoin’s price is likely to keep rising higher.
