Spot bitcoin ETF trading volumes surpass $2.6B

BlackRock, Grayscale and Fidelity lead the charge

January 11, 2024 12:44 pm

Artwork by Crystal Le

The first day of trading for the 10 approved spot bitcoin ETFs started with a bang, and the momentum seems to be holding.

As of 12 pm ET, total volumes surpassed $2.6 billion, according to data from the TIE terminal.

Grayscale and BlackRock lead the pack

BlackRock’s iShares Bitcoin Trust and Grayscale led trade volume in early afternoon trading, with roughly 26 million shares in BlackRock’s fund traded since the ETF launched Thursday morning.

Read more: Bitcoin ETF tracker

Yahoo Finance data shows roughly 33 million shares of Grayscale’s recently converted ETF have traded since this morning.

Fidelity rounded out the top three ETFs with volume sitting at 11 million shares traded.

After briefly topping $49,000 Thursday, the price of bitcoin (BTC) settled around $46,000. According to data from CoinGecko, the 24-hour trading volume for bitcoin hit $55 billion.

The spot bitcoin ETFs surpassed $1 billion in trade volume within the first 30 minutes of trading after the bell.

On Wednesday, the US Securities and Exchange Commission approved the 11 spot bitcoin ETFs. After making the S-1s effective, the ETFs were cleared to start trading Thursday morning.

So far the volumes have far outpaced the volumes seen by the ProShares Bitcoin Strategy ETF (BITO), which launched back in October 2021.

The fund’s first trading day saw roughly $950 million in reading volume, reaching $1 billion in assets under management (AUM) in the following days.

Editor’s note: Following the publication of this story, Hashdex revealed that — while a rule change to list Hashdex’s bitcoin futures fund as a spot product was approved — its registration statement to convert the fund is still under SEC review.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Newsletter

Blockworks Daily

Upcoming Events

Digital Asset Summit 2025

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

buy tickets learn more

recent research

Research

Bitcoin Expressivity with BitcoinOS

The BitcoinOS team is the first to have developed and posted a ZK-compressed proof on the Bitcoin network. Other proof verification efforts have been limited to the Signet or testnet deployments. Their work has resulted in the development of BitSNARK, a software library for ZK-compressed fraud proofs on the Bitcoin network. The project aims to provide a horizontal scaling solution, offering a one-stop shop for teams interested in developing a rollup on Bitcoin. This approach shares similarities with the horizontal tech stack scaling in other ecosystems like Cosmos and Optimism, particularly in its focus on simplified verification, bridging standards, and lightweight interoperability.

by 0xMims