Spot Bitcoin ETFs have finally been approved by the US Securities and Exchange Commission, and as expected, their approval led to a diverse market movement. The first day of trading for the 11 spot ETFs approved turned out to be a memorable one, with almost $4.6 billion worth of ETF shares traded. ETF volumes were also significant during the second day of trading, with steady activity pushing the cumulative volume to over $7.6 billion dollars.
According to BitMEX Research, the net inflow reported across the 11 spot Bitcoin ETFs was $532 million within the first two days, with Blackrock coming out on top with $497.7 million worth of BTC.
BlackRock’s Spot ETF Holdings
After two days of ETF trading, statistics have revealed the standings of the 11 ETFs, those leading the pack, and those falling behind. As expected, current data puts Blackrock’s total Bitcoin asset in its ETF ahead of the pack. The first day of trading saw Blackrock’s net inflow totaling $111.7 million, falling behind Bitwise and Fidelity with $237.9 million and $227 million respectively.
Bitcoin Spot ETF Flow – Day 2 UPDATE
Flow number for Blackrock now in. Blackrock had $386m of inflow. This gives Blackrock almost $500m of inflow in the first 2 days, likely putting it in the lead https://t.co/N0jYEQpgdg pic.twitter.com/xGzY8jvblO
— BitMEX Research (@BitMEXResearch) January 13, 2024
Notably, things took a turn on the second day of trading. Blackrock had the highest net inflow of $386 million on day 2 to push its total inflow to $497.99 million in the first two days. According to the website for Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), the fund now holds 11,439.2 BTC.
Although the ETF launch has done well under normal circumstances, it seems to have fallen short of the huge numbers projected by many market analysts. According to Blackrock CEO Larry Fink, the new ETFs are just the first step toward a new financial world.
“ETFs are step one in the technological revolution in the financial markets. Step two is going to be the tokenization of every financial asset,” he said in an interview with CNBC.
BTC market cap currently at $840.141 billion. Chart: TradingView.com
Current State Of Bitcoin ETFs
The report from BitMEX Research also revealed the dynamics between the first and second days of trading. As stated earlier, the first day of trading ended with almost $4.6 billion in trading volume and a $625.8 net inflow. However, trading volume fell to just over $3.1 billion on the second day, with BitMEX data revealing a lower net inflow of $205 million.
The majority of the second-day outflow can be attributed to the Grayscale Bitcoin Trust. Despite leading the market with about $1.9 billion in trading volume on the first day, the fund failed to register a net inflow, ending the day with $95.1 million in net outflow. This outflow continued into day two, with the Grayscale Bitcoin Trust registering over $484 million net outflow.
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