Today marks a significant milestone as Exchange Traded Funds (ETFs) begin trading on U.S. stock markets, following the Securities and Exchange Commission’s (SEC) approval of applications from Hashdex and Grayscale, among others. The focus now shifts to monitoring whether these spot Bitcoin ETFs will generate the substantial trading volumes that have been much anticipated.
Previously, the poor volume data from the approval of futures-based ETH ETFs led to a market downturn. There’s concern that if the new spot Bitcoin ETFs fail to attract expected interest, similar outcomes could occur. Meanwhile, the potential mid-year approval of a spot ETH ETF has already seen Ethereum’s price surpass $2,600.
Just seven minutes after the opening of U.S. stock markets, spot Bitcoin ETFs have already hit $1 billion in trading volume. Consequently, Bitcoin’s price has found buyers above $48,130.
The initial trading data from BlackRock’s ETFs alone is promising, challenging the narrative that such news would not significantly impact the market.
As the trading day progresses, all eyes are on these ETFs to see if they will sustain the momentum and possibly fuel a fear of missing out (FOMO) among investors, further supporting Bitcoin’s price.