There is significant uncertainty in the cryptocurrency market, but the process for spot Bitcoin ETFs has gained considerable momentum following the Grayscale case. With the launch of the ETF last week in the US, following the approval by the SEC, it would not be wrong to say that the ETFs made a strong entrance. Bloomberg’s ETF strategist James Seyffart also drew attention to this issue and shared his views on the matter.
Current Status of Spot Bitcoin ETFs
According to the posts by Bloomberg’s recently prominent analyst James Seyffart, the total trading volume of US Bitcoin spot ETFs rose to the $10 billion mark within the last three days.
Especially during this period, Grayscale’s GBTC, which could be considered the architect of the process, was the most notable. GBTC’s three-day trading volume reached a total of $5.174 billion, while BlackRock’s IBIT had $1.997 billion and FBTC had $1.479 billion in transactions, attracting market attention.
The total volume of $9.771 billion formed in a short time in the mentioned three Bitcoin spot ETFs revealed that the cryptocurrency market also caught the attention of investors who follow traditional investment instruments.
James Seyffart, commenting on the market entry of the ETF, suggests that the process of entering this market has been quite successful according to most calculations.
Seyffart also highlighted a negative aspect of the process, thinking that Wisdomtree, which has assets worth $3.25 million, did not meet expectations.
In addition, another critical development took place. ProShares applied to the US Securities and Exchange Commission (SEC) for five leveraged spot Bitcoin ETFs. The planned ETFs, varying from -2x to +2x, will be tied to the daily performance of the Bloomberg Galaxy Bitcoin Index.
The uncertainty and unknowns regarding the leveraged ETFs in the application continue. The only known aspect is the planned date. Following potential approval, the ETFs are expected to start trading on April 1st.
BTC Price Movement
There was a strong expectation that spot Bitcoin ETFs would positively impact the market. Although the BTC price exceeded the $49,000 level after the ETFs started trading, it surprised investors with strong selling pressure throughout the past week. As of writing, Bitcoin has a market value of $840 billion and is trading at $42,863.
On the other hand, there were busy hours at Coinbase in the past few days. Thousands of BTCs were continuously moved to Coinbase by Grayscale, which made investors anxious and increased the selling pressure on them. The fate of these transferred BTCs remains a subject of curiosity.
