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Significant developments continue for spot Bitcoin ETF products. Despite the record volumes in the crypto market recently, Bitcoin’s price continues to lag behind this interest. According to Yahoo Finance data, the cumulative trading volume for 11 spot Bitcoin ETF products exceeded $10 billion on the fourth trading day, January 17th.
What Are the Latest Developments in the Process?
Grayscale, BlackRock, and Fidelity continue to dominate approximately 90% of the total trading volume. On January 16th, the total volume for new products was recorded at $1.8 billion, significantly below the $3 billion seen on January 12th and the $4.6 billion on the first day. As of the time of writing, approximately $466 million in volume was seen during the day.
As of the time of writing, Bitcoin has lost 1.96% of its value in the last 24 hours and is trading at $42,337. After the spot Bitcoin ETF approvals were considered by the United States Securities and Exchange Commission on January 11th, Bitcoin reached its highest level in the last 21 months at $49,172. Following the ETF launches, it faced significant selling pressure, causing fear and concern among many investors.
Following the ETF approvals, one of the most curious issues is the steps to be taken towards crypto assets. Particularly, claims made about Ethereum resulted in a notable momentum in its price, which could lead to further gains for the king of altcoins in the coming period.
ETF Products and Bitcoin
According to Bloomberg Intelligence senior ETF analyst Eric Balchunas, on January 16th, BlackRock and Fidelity’s spot Bitcoin ETF products led the fund flows for a total of 11 crypto-based instruments traded on different exchanges. Each fund saw inflows of over $400 million.
XBTO Senior Trader Douglas Comin also commented on the matter, stating:
“In the medium and long term, the development of ETFs is great news for crypto as an asset class because it really puts Bitcoin on the map for millions of investors and potential investors. However, the formation of inflows will take time, and the recent excitement may have led short-term investors to seek quick profits.”
