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Grayscale, BlackRock Top Bitcoin ETF Volume Ranking as Products Debut
Here's a ranking of the 11 newly trading bitcoin ETFs, in terms of first-day trading volume.
Updated Mar 8, 2024, 7:45 p.m. Published Jan 11, 2024, 3:16 p.m.
CORRECTION (Jan. 11, 2024, 16:11 UTC): An earlier version of this story had an incorrect ranking.
Bitcoin ETFs have been eagerly anticipated for years. They finally got approved in the U.S. on Wednesday and began trading Thursday.
STORY CONTINUES BELOW
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The Grayscale Bitcoin Trust (GBTC), an incumbent product since it has existed for years but in a less-desirable format, saw the most volume at $2.3 billion, according to data posted on X by Bloomberg Intelligence analyst James Seyffart.
BlackRock's iShares Bitcoin Trust (IBIT) came in second place with $1 billion, his data showed, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) at $712 million.
Overall volume exceeded $4.6 billion.
Here's the #Bitcoin ETF Cointucky Derby data via trading volume on day 1 (more volume will continue for a little while).
— James Seyffart (@JSeyff) January 11, 2024
Total Volume was over $4.6 Billion with $GBTC about half of it. BlackRock & Fidelity went 1 & 2 absent GBTC. pic.twitter.com/t70MzyQfZW
While Grayscale's GBTC led, this is likely due to existing investors selling shares, Bloomberg analyst Eric Balchunas explained in an X post. GBTC, introduced in 2013, is the world's largest bitcoin investment fund and was converted into an ETF from a closed-end structure after Wednesday's regulatory approval.
In the case of the 10 freshly started ETFs, the volume is coming from buyers, he added.
In comparison, ProShares' futures-based bitcoin ETF (BITO) amassed $1 billion volume on its first day in October 2021. The largest-ever first day volume for an individual ETF launch was $2.1 billion, Balchunas pointed out.
Bitcoin ETFs that can directly hold the underlying asset (as opposed to the bitcoin futures ETFs like BITO approved in 2021) have been eagerly anticipated in the U.S. following a decade-long struggle to seal regulatory approval.
For full coverage of bitcoin ETFs, click here.
Bitcoin [BTC] topped $49,000, hitting a fresh two-year high during the day as the ETF trading frenzy commenced, then sold off, dropping to $46,000.
UPDATE (Jan. 11, 2024, 18:14 UTC): Updates volume figures, adds analyst comment and bitcoin price action.
UPDATE (Jan. 11, 2024, 22:40 UTC): Updates with end-of-day volume data.
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