What do industry insiders say on the first day of Bitcoin spot ETF trading?

Author: Katherine Ross, Jack Kubinec, Blockworks; Compiled by: Songxue, Golden Finance

The spot Bitcoin ETF officially began trading on Thursday after receiving approval on Wednesday. Industry observers and participants were quick to weigh in.

By the end of the day, trading volume in these ETFs had reached a record high of more than $4 billion, and although some believe these approvals may trigger a sell-off news event, the price of Bitcoin increased early Thursday. After hitting a high of $49,000, it is currently trading around $46,000.

"ETFs are likely to create more demand, leading market makers to allocate more capital to support liquidity. Crypto market liquidity has yet to fully recover from the FTX crash in November 2022," CF Benchmarks CEO Sui Chung said in an email.

“So this could be good for the entire crypto ecosystem, especially as it starts to attract the attention of this new group of investors.”

In response to the approval, < Kristin Smith, president of the Blockchain Association, noted in a post on X that “the law is on our side.”

“Yesterday, we fought a legal challenge to get the ETF approved. It shouldn’t be like this, but it is.”

Legal Challenges to Establish Spot Bitcoin ETF in The cryptocurrency space has been around for a long time. The issue has attracted widespread attention from industry insiders and casual observers following the SEC's decision.

Coinbase Institutional Director Brett Tejpaul said: “While approval may happen in a split second, the preparation is actually years in the making for both parties.”

The Winklevoss twins were the first to file for a Bitcoin ETF in 2013, and they had their say following SEC approval.

Cameron Winklevoss echoed Smith’s assessment, posting on Bitcoin ETFs are not doing it because they want to, but because they have to."

However, Tyler Winklevoss noted that these approvals show that "Bitcoin has an unstoppable force , and those in power were powerless to stop it." They tried for more than a decade to fight, and finally gave in. Bitcoin won, it broke the system. ”

The significance of this moment was not lost on anotherLongtime Bitcoin enthusiast Erik Voorhees, who wrote on X that Bitcoin is “the first in history.” "an ETF with a limited supply of underlying assets."

Cryptocurrency CEOs also joined the conversation. New Binance head Richard Teng said: " Today will go down in cryptocurrency history. ” Crypto.com’s Kris Marszalek said the approval shows “the U.S. market is a long-term crypto market.” Ripple’s Brad Garlinghouse wrote: “I expect this to be institutional Another catalyst for investment/adoption. ”

On the first day of Bitcoin ETF spot trading, brokerage platform Vanguard was found to have blocked funds. Multiple cryptocurrency supporters told X that they had canceled their accounts on the platform.