Spot Bitcoin ETFs See $10 Billion Trading Volumes In Just 3 Days, What’s Ahead?

The recently debuted Spot Bitcoin ETFs in the United States have demonstrated a strong initiation, recording substantial trading volumes in their inaugural week. James Seyffart, the ETF strategist at Bloomberg, reports that the cumulative trading volumes of all spot Bitcoin ETFs exceeded $10 billion within the first three days of their introduction.

Spot Bitcoin ETFs Trading

According to insights from Bloomberg analyst James Seyffart, the total trading volume of U.S. Bitcoin spot ETFs within a span of three days has reached close to $10 billion.

Notably, during this period, Grayscale’s GBTC recorded a three-day trading volume of $5.174 billion, BlackRock’s IBIT achieved $1.997 billion, and FBTC saw $1.479 billion in trading volume. The cumulative trading volume for these three Bitcoin spot ETFs stands at an impressive $9.771 billion, signaling significant investor activity in the cryptocurrency market.

Analyzing the recent ETF launches, James Seyffart remarks that, by most metrics, these launches have proven to be highly successful. He notes the exception of Wisdomtree, which currently stands at just $3.25 million in assets. Seyffart emphasizes that it is only the third day since its inception, emphasizing that the competition is a long-term journey with potential for growth and evolution.

In another development, ProShares has taken a significant step in the cryptocurrency investment landscape by submitting applications to the U.S. Securities and Exchange Commission (SEC) for five leveraged spot Bitcoin ETFs. These ETFs, ranging from -2x to +2x, will track the daily performance of the Bloomberg Galaxy Bitcoin Index.

The specific tickers and fees for these leveraged ETFs are yet to be determined. However, they are tentatively scheduled to take effect on April 1, subject to regulatory approval. ProShares aims to offer investors diversified opportunities to engage with Bitcoin’s spot market through a range of leverage options, pending the SEC’s review and approval process.

The BTC Price Action

Following the launch of the spot Bitcoin ETFs, the BTC price has come under strong selling pressure over the last week. At press time, Bitcoin is trading at $42,863 with a market cap of $840 billion.

According to on-chain data from Santiment, there is a notable trend among large Bitcoin wallets, which have been actively shifting older coins, leading to a significant decrease in the average age of coins. While there are signs that this movement may have temporarily ceased, it could potentially result in a pause in the current bullish cycle in the cryptocurrency market.