- Grayscale and Blackrock are leading Bitcoin ETF volume.
- Bitcoin ETFs traded around $4.6 billion on their first day of trading.
Initially, approval was granted, followed by the emergence of statistics. This scenario unfolded with Bitcoin [BTC]witness the adoption of several spot ETFs.
After the approval, traders immediately started business activities. Nevertheless, the first signs of resistance are starting to surface.
Tracking Bitcoin ETF volume on day one
The first day of trading proved to be very active for spot Bitcoin ETFs, as evidenced by the significant volume recorded. According to Reuters According to data, the cumulative volume at the end of trading on January 11 was approximately $4.6 billion.
Among the major players, Grayscale, BlackRock and Fidelity emerged as dominant contributors on the first day.
Grayscale in particular was the leader with a remarkable volume of approximately $2.2 billion. This was a somewhat expected outcome given the transition from a Bitcoin trust.
Of the new listings, BlackRock’s IBIT showed the highest volume. As of January 11, it had more than $1 billion, which was a significant portion of its total trading. Fidelity’s FBTC also made a notable impression with trading volume of approximately $685 million on its first day.
The first sign of resistance?
Elizabeth Warrena member of the US Senate, has consistently expressed skepticism towards cryptocurrencies, and the recent approval of the ETF has done little to change her stance.
In a post-approval message, she criticized the SEC, saying they were “wrong on law and wrong on policy.” Warren also expressed concern that Bitcoin and crypto generally did not comply with basic anti-money laundering rules.
The @SECgov is wrong in law and policy regarding the Bitcoin ETF decision.
If the SEC allows crypto to become even deeper into our financial system, it will be more urgent than ever that crypto follows the basic rules against money laundering.
— Elizabeth Warren (@SenWarren) January 11, 2024
The disapproval extended beyond Warren’s position, as institutional disapproval also surfaced. Reports indicate that Vanguard has chosen not to facilitate trading in spot Bitcoin ETFs.
Vanguard’s rationale is based on the claim that spot BTC ETFs do not align with their preferred asset class.
Reactions to both Senator Warren’s comments and Vanguard’s position were varied. It’s still early days for spot ETFs, and their future performance could strengthen or weaken negative sentiment.
Read Bitcoin (BTC) price prediction 2024-25
Bitcoin has not seen any positive reactions yet
According to the daily timeframe chart, Bitcoin has yet to embrace the hype surrounding its spot ETFs. The chart showed that BTC experienced a decline at the end of January 11, albeit a modest decline of less than 1%.
Despite this decline, the price continued to rise above the $46,000 mark. At the time of writing, the downward trend continued, but was still less than 1%. It traded around $46,170.
Source: trading view
