In a single day, BlackRock closed trading of the new Bitcoin spot ETF with $1 billion in volumes, leading the competition.

The first day of ETFs

On the first day of the Bitcoin spot ETFs' life, BlackRock led the entire group of old applicants with approximately 37.5 million IBIT holdings traded at a price between $26 and $30, for a total volume of more than $1 billion.

Behind BR, Fidelity with its FBTC, with around 16 million holdings traded at an average price of $42 ($700m in volume), and ARK (by Ark, of course) traded almost 6 million times for a volume of $250m .

Only these three players, in this way, alone exceeded 2 billion dollars (the other 7 participants with another 200 million).

The data relating to trading volumes, unfortunately, does not exactly describe the extent of trading activities on the new ETF, especially with regards to the timing of actual purchases and sales, but it remains valid for ascertaining the status of activity on the product.

As regards GBTC, for example, converted from a trust to an ETF, the trading activities would have mainly concerned sales (although mostly towards products competing with that of Grayscale).

Similarly, the large volumes recorded by the ProShares Futures Bitcoin ETF (BITO), worth around $2 billion, would be due to investors switching from a futures product to a spot one, favored by lower commissions and less volatility.

How will BTC behave?

However, as regards the effects on the underlying BTC due to the spot purchases of interested parties, analysts suggest waiting a few more hours. According to analyst Timothy Peterson, the purchase of ETFs in the last few hours would consist of a spot purchase of 47 thousand Bitcoins, worth 2.1 billion dollars.

There is no indication on the purchase by the Authorized Participant (AP), and whatever their strategy may be, it will have to respect dynamics linked to the time factor, to avoid unnecessary losses resulting from the volatility of the asset.