On Thursday, the cryptocurrency market witnessed a significant moment with the debut of the first spot Bitcoin Exchange-Traded Funds (ETFs) in the United States.
This historic milestone, approved by the country’s Securities and Exchange Commission (SEC), boosted the price of Bitcoin, rising close to 8%, reaching the impressive value of US$48,500 today. At press time, BTC price was trying to stabilize near $46,200 up 1.7% in the last 24 hours.
The rise of Bitcoin attracted diverse attention, most notably Yahoo Finance, which named BlackRock’s IBIT and Grayscale’s GBTC as the most popular tickers at the moment. Live volume data demonstrated BlackRock’s early lead among new funds, with trading volume for all spot Bitcoin ETFs reaching a staggering $1.5 billion as of 10:16 a.m. Eastern Time. USA.
Eric Balchunas, an analyst at Bloomberg Intelligence, commented on the effervescence of the market, highlighting the extraordinary volume of negotiations. “Just 20 minutes of trading and the volume is huge, with HALF A BILLION traded for the group (excluding GBTC), led by $IBIT (which is close to surpassing $1 billion) and $FBTC. It is important to note that almost all volume in the first few days will be converted into inflows”, expressed Balchunas.
Another Bloomberg Intelligence analyst, James Seyffart, highlighted the exceptional performance of ETFs, which exceeded US$1.2 billion in volume in the first 30 minutes of trading. He pondered the nature of these flows, speculating that a significant portion could in fact be new investment. “There is no way to know how much of this is flows. We will potentially know tonight. Although I would wager that a significant portion of this is in fact flows. GBTC trading volume is output,” commented Seyffart.
The news is a vibrant testament to the growing acceptance and integration of cryptocurrencies, especially Bitcoin, into the traditional financial system. The entry of spot Bitcoin ETFs in the US represents a significant advance for the cryptocurrency market, indicating greater maturity and legitimacy of the sector.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/bitcoin-atinge-us-48-000-com-o-lancamento-dos-primeiros-etfs-a-vista-nos-eua/
