Most anticipated Spot Bitcoin ETF’s first day of trading volume touches $4.6 billion

As the SEC approved spot Bitcoin ETFs investors jumped into investing in these funds. Around $4.6 billion worth of shares were traded as on Thursday, according to LSEG data.

Bitcoin which was termed a risky investment by many individuals and investors has now come under the spotlight after the SEC approval of spot Bitcoin ETF.

The SEC approved the trading of 11 spot ETFs, including BlackRocks iShares Bitcoin Trust, Greyscale, ARK 21 shares Bitcoin ETF, and others. These asset management companies have been competing with each other to gain market share. 

Blackrock, Greyscale, and Fidelity were the top 3 in terms of trading volume, according to LSEG data.

After years of trying for the approval of spot Bitcoin ETF, the U.S. SEC has finally approved its trading. It could pave the way for a spot Ethereum ETF. Some analysts have predicted the price of Bitcoin could reach the $100k mark by the end of this year.

Vanguard, one of the largest mutual fund providers has termed Bitcoin as a high-risk investment and has no plans to launch a spot Bitcoin ETF.

The price of Bitcoin touched the $47000 mark after the approval by the SEC, according to the data from CoinMarketCap. Most of the Altcoins including Solana have been doing very well in terms of price. The future of cryptocurrencies as a whole seems to be very bright.  

Asset managers have been competing with each other for market share. The investment companies are charging their investors a fee of 0.2% to 1.5%. Billions of dollars of institutional money could enter this space in the next few months and asset managers are looking for a big piece of the pie. 

Greyscale has a Bitcoin trust of $28 billion and the asset manager on Thursday decided to convert its entire Bitcoin trust into an ETF making it the largest Bitcoin ETF trust in the world.