After obtaining approval from the U.S. Securities and Exchange Commission (SEC), multiple Bitcoin spot ETFs began trading on Thursday (11th). Bloomberg ETF analyst James Seyffart stated on the X platform that the total trading volume of Bitcoin spot ETFs exceeded $1.2 billion within the first 30 minutes of trading. Currently, the highest trading volume ETF is Grayscale’s GBTC (over $446 million), followed by BlackRock’s IBIT with a trading volume of $338 million. Seyffart stated that it is currently unknown how much of the trading volume is attributed to fund flows (i.e., new funds coming in or going out), and he speculates that a significant portion of GBTC’s trading volume may be fund outflows. According to TradingView data, the price of Bitcoin briefly reached nearly $49,000 within the first 30 minutes of the U.S. stock market opening, but has since dropped below $48,000 and reached $47,350 at the time of writing.
Bitcoin Momentum Slows! Leverage Risks Mount as Market Eyes Key Support at $110,000
On-Chain Analysis Company Glassnode ReportsOn-chain analysis company Glassnode noted in it…