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In the first 3 days, the trading volume of spot bitcoin-ETFs amounted to about $10 billion

Bitcoin: In the first 3 days, the trading volume of spot bitcoin-ETFs amounted to about $10 billion

In just three days, spot bitcoin-ETFs recorded a trading volume of almost $10 billion, as revealed by Bloomberg analyst Eric Balchunas.

Balchunas highlighted that on January 16th alone, the daily trading volume of spot bitcoin-ETFs amounted to $1.8 billion, surpassing the trading volume of all 500 exchange-traded investment funds launched in 2023.

To emphasize the significance of the $10 billion volume in the first three days, Balchunas compared it to the performance of the 500 ETFs launched in 2023.

These ETFs currently have a combined volume of $450 million, with the most successful one at $45 million. It's worth noting that many of these ETFs took months to achieve these results.

Most of the trading activity came from investment products such as GBTC from #Grayscale, IBIT from #BlackRock and FBTC from #Fidelity. Among these, BlackRock stood out with the largest net inflows of funds. Their #iShares Bitcoin Trust received about $497 million dollars.

Grayscale's GBTC ETF led in terms of total trading volume, receiving over $5.1 billion. Eric Balchunas predicts that BlackRock's investment product will eventually surpass GBTC and become a dominant force in terms of liquidity.

Since the launch of the #bitcoin-ETF in the US, about 13,000 BTC have been withdrawn from GBTC. Experts speculate that the reason for this outflow could be the high management fee associated with Grayscale Investments' product. As a result, analysts expect further capital outflows from GBTC.

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