The cumulative volume of 11 bitcoin ETFs surpassed $11.1 billion on Wednesday in their fourth day of trading, according to Yahoo Finance data compiled by The Block.
Grayscale, BlackRock and Fidelity continue to dominate with over 90% of total trading volume. However, the daily volume fell again to US$1.5 billion compared to Tuesday when the total volume of new products recorded US$1.8 billion. The two trading days so far this week rank well below the $3 billion seen last Friday and the $4.6 billion seen on the first day.
On Tuesday, BlackRock and Fidelity's spot bitcoin ETFs topped the list in terms of new capital inflow into a total of 11 cryptocurrency-based instruments traded on various exchanges, according to Eric Balchunas, senior ETF analyst at Bloomberg Intelligence. Both funds have brought in more than $400 million in inflows.
“Great news for cryptocurrencies as an asset class”
“In the medium to long term, the development of ETFs is great news for cryptocurrencies as an asset class, because it really puts BTC on the map for millions of investors and potential 401(k)s,” Douglas Comyn, senior trader at XBTO, told The Block. . “However, it will take some time for flows to accumulate, and the recent hype may have prompted short-term traders to make quick gains.”
Meanwhile, Bitcoin's price fell below $43,000 after topping $48,000 last week as ETFs began trading. It fell 1.4% on Wednesday to $42,602.
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