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Bitcoin ETFs Daily Trading Volume Crosses $5B – Crypto News
Newly approved ETFs account for over $1.7B while GBTC and BITO see over $3B of trades.
A day after the SEC’s historic approval of nine Bitcoin ETFs, the new exchange-traded funds have racked up a combined $1.75B in trading volume in the roughly four hours since trading began today.
The approval of a spot Bitcoin ETF by the SEC is seen as a nod to the legitimacy and stability of Bitcoin as an investable asset. It signals a certain level of regulatory clarity and acceptance which the crypto industry has sought for a long time.
Bitcoin and the broader crypto markets have enjoyed a bullish resurgence ever since Blackrock, the world’s largest asset manager, filed to launch a spot Bitcoin ETF in June 2023. BTC has rallied over 80%, while Ether is up around 50% in the same span.
Meanwhile, most major altcoins have outperformed both, with Solana staging the best performance in the top ten, surging over 500% in 2023.
