Spot Bitcoin ETFs Spark $2.6B Opening Day Trading, Bitcoin Slumps Below $46,000
Approved spot Bitcoin ETFs unleashed opening-day trading volumes surpassing $2.6 billion. This signifies intense pent-up demand for regulated cryptocurrency exposure.
Bitcoin surged past the $49,000 mark, a level not seen since December 2021, following the commencement of Bitcoin ETF trading. All the 11 spot ETFs began trading, and over $2.6 billion changed hands within the first few hours.
Key Trading Volume Numbers:
- Over $2.6 billion in total volume across spot Bitcoin ETFs.
- Grayscale BTC Trust sees $1.3 million alone
- Some products are already among the top 25 ETFs by volume.
Read more: BTC Crashes As SEC Approves All Spot Bitcoin ETFs
Bitcoin slides below $46,000 level
Bitcoin initially rose by 6.7% to $48,969, reflecting the market’s positive response to the commencement of spot ETF trading. However, the rise in BTC enthusiasm was tempered as BTC settled below $46,000.
Jaime Baeza, founder and managing partner at AnB Investments told Bloomberg, “The approval should be very bullish mid- and long-term, but for the short-term, it remains to be seen if we get the typical ‘buy the rumor – sell the news’ type of action.”
Read more: Hackers Seize CoinGecko X Account, Promotes Fake Token Sale
Despite the positive news for BTC, the broader crypto market saw mixed reactions. Notably, shares of prominent crypto companies like MicroStrategy, Marathon Digital, Riot Platforms, and Coinbase Global experienced declines, underscoring the nuanced response across the sector.
The cryptocurrency market was acting quite strange when the SEC approved all Bitcoin ETFs. BTC plunged in value, while Ethereum surged when all spot ETF applications received the green flag. According to the data from CoinMarketCap, the global cryptocurrency market cap is standing at $1.81T, with a 6.97% surge in the last 24 hours.
