Spot Bitcoin ETFs have made a strong entry into the US market following approval by the SEC, with significant trading volumes observed shortly after their launch. Bloomberg ETF strategist James Seyffart highlighted the developments, noting the high activity in these ETFs.
According to Seyffart, the total trading volume for US Bitcoin spot ETFs reached nearly $10 billion over three days. Grayscale’s GBTC led the pack with $5.174 billion, followed by BlackRock’s IBIT and FBTC, which also attracted considerable attention with their trading volumes.
The combined volume of $9.771 billion across these three Bitcoin spot ETFs indicates the growing interest of traditional investment vehicle followers in the cryptocurrency market. Seyffart shared his positive outlook on the market entry of these ETFs, suggesting a successful launch period.
However, Seyffart also pointed out a less favorable situation for Wisdomtree, which did not meet expectations with its $3.25 million in assets. Additionally, ProShares has filed with the SEC for five leveraged spot Bitcoin ETFs, which will vary from -2x to +2x and track the daily performance of the Bloomberg Galaxy Bitcoin Index.
While there is uncertainty regarding the approval of these leveraged ETFs, the planned launch date is April 1st, pending authorization. Meanwhile, despite expectations that spot Bitcoin ETFs would positively impact the market, Bitcoin’s price faced strong selling pressure after briefly surpassing $49,000, with the current trading price around $42,863.
