Bitcoin ETFs Surpass $4.5B in Total Trading Volume On Their Inaugural Day

Spot Bitcoin ETFs achieved a trading volume of over $4.5 billion on the first day of trading. However, it's important to note that one of the issuers has clarified that it hasn't yet met the requirements for inclusion.

The debut of a series of new Bitcoin (BTC) exchange-traded funds (ETFs) on the first day of trading has been remarkable, with BlackRock, Grayscale, and Fidelity's ETFs leading the way in terms of total volumes. However, one issuer faced unexpected delays and was unable to commence trading as planned.

According to aggregated data from Yahoo Finance, as compiled by Cointelegraph, the total trading volume for the ten spot Bitcoin ETFs on their first day of trading surpassed $4.5 billion.

According to Yahoo Finance data, BlackRock's Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), emerged as the top performer among the recently-listed funds, with a trading volume of just over $1 billion. This accounted for approximately 22% of the total volume for the group.

Fidelity's spot Bitcoin ETF, FBTC, was a close second in terms of day one trading volume, with approximately $685 million.

Grayscale's Bitcoin ETF, GBTC, recorded an impressive total trading volume of $2.2 billion. This ETF is a conversion of the existing Grayscale Bitcoin Trust.

Hashdex missed the opportunity to be counted among spot Bitcoin ETFs for the day. While the SEC approved Hashdex's 19b-4 filing — which would allow its spot ETF product to be listed on U.S. stock exchanges — the SEC did not make its S-1 form effective, meaning that Hashdex's "DEFI" fund is still only trading as a futures-based ETF. The company also issued a corrected statement noting the fund did not yet hold any spot Bitcoin in its portfolio.

It is worth noting that trading volume encompasses both buying and selling activities, and it may not provide a comprehensive analysis of the proportion of buying versus selling during the day's trading activity.

Senior Bloomberg ETF analyst Eric Balchunas proposed a theory that a significant portion of the trading activity for GBTC was selling, as investors transitioned from the fund to newer, more cost-effective options such as BlackRock's and Fidelity's ETFs.

According to Timothy Peterson, an investment manager at Cane Macro, the buying activity across the ETFs suggests that approximately 47,000 Bitcoin, equivalent to around $2.1 billion based on current prices, will need to be acquired from the spot market.

Balchunas mentioned that investors seeking insights into the influence of the ETFs on actual Bitcoin purchases will probably have to wait until later in the morning of January 13th to gain a clearer understanding of spot inflows.