The United States witnesses the commencement of pre-market trading for its first-ever Bitcoin exchange-traded funds (ETFs) today (Thursday). BlackRock's iShares Bitcoin Trust (IBIT) took the lead, soaring an impressive 22.25% in pre-market trading, Cointelegraph reported, citing data from Yahoo Finance.
Meanwhile, Grayscale's Bitcoin Trust (GBTC) entered the pre-market trading with a notable gain of 2%, reflecting the growing interest surrounding these newly approved financial products among investors. With a substantial pre-market volume of $2 million, IBIT's impressive launch has prompted speculation about BlackRock's influence in driving this initial surge.
Grayscale's Bitcoin Trust
In the pre-market trading, Grayscale's Bitcoin Trust (GBTC) made a noteworthy entrance, highlighting a gain of 2% in the early hours. Listed on the New York Stock Exchange, GBTC added to the excitement surrounding the launch of spot Bitcoin ETFs in the US. The approval of the applications from major companies such as BlackRock, Grayscale, and others by the US Securities and Exchange Commission (SEC) paved the way for 11 spot Bitcoin ETFs to be listed and traded on public exchanges.
Welcoming @iShares to the @NasdaqExchange Opening Bell. https://t.co/K9aO2FLBVs
— Nasdaq Exchange (@NasdaqExchange) January 11, 2024
Surprisingly, the price of Bitcoin did not respond much to the approval of the spot Bitcoin ETF. It maintained a steady price of around $46,000. In contrast, the fake news about the approval of the funds that surfaced after the SEC's website was compromised triggered a more significant spike in the price of the digital asset.
Impressive Inflows Mark Spot Bitcoin ETF Debut
IBIT stands out as it charts a course toward an unprecedented inflow of $3 billion on its inaugural trading day, Coindesk reported, citing crypto index provider CF Benchmarks. The recently approved fund attracted $400 million within the first half-hour of trading,
According to CF Benchmarks, IBIT's first 30 minutes of trading experienced an influx of $400 million, hinting at a potential record-breaking $3 billion in assets under management by the end of the first trading day.
If achieved, this would mark the largest debut in ETF history, underlining the demand from investors seeking regulated avenues to invest in bitcoin. CF Benchmarks' CEO, Sui Chung, emphasized the rippleeffects of the success of IBIT. The ETF is expected to catalyze increased demand, prompting market makers to allocate more capital to support liquidity.
This article was written by Jared Kirui at www.financemagnates.com.
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