Spot-Bitcoin ETF Trades Top $3.5B on 'Ground-Breaking' First Day
In just three hours, the Grayscale Bitcoin Trust has propelled itself to the third-most heavily traded ETF debut on record. To be sure, the product has existed in its trust structure since 2013, and had a nearly $27 billion headstart in asset size.
Trading volume doesn’t indicate buying or selling or investor inflows. Because of the way the funds settle trades, net flows into or out of the products probably won’t be known until at least Friday.
When the initial Bitcoin futures fund began trading in 2021, it saw turnover of almost $1 billion during the entire first day. At the time, the futures fund debut was the second-most heavily traded fund on record.
Psarofagis added a caveat that much of the demand may be from so called “seed” money that is pre-arranged by the fund issuers.
Signs of more organic demand, like from retail investors or financial advisors, may come later on as more broker-dealers list the funds on their platforms.
Credit: Bloomberg
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