On their first day of trading, the newly approved spot bitcoin ETFs have significantly impacted the market. Trading volumes for these 11 financial instruments have impressively crossed the $4 billion mark. This development marks a pivotal moment in integrating cryptocurrency with traditional financial markets.

Leading the Charge: Grayscale, BlackRock, and Fidelity

Grayscale, a major player in the crypto asset management space, has emerged at the forefront, with its converted ETF recording $1.9 billion in trades. BlackRock and Fidelity are not far behind, having chalked up $942 million and $628 million, respectively. These figures reflect a keen investor interest, particularly in newly launched funds from BlackRock and Fidelity, representing a fresh influx of capital.

Concurrent with these trading activities, Bitcoin itself has experienced a modest uptick. The cryptocurrency traded at $46,851 at press time, marking a 1.3% increase over the past 24 hours. This price movement aligns with the heightened activity surrounding the ETF launches.

SEC’s Green Light on spot bitcoin ETF

The SEC’s decision to approve these 11 spot bitcoin ETFs is being hailed as a transformative moment for the crypto sector. Such a move by a key regulatory body adds a layer of credibility and accessibility to cryptocurrency investments. Standard Chartered Bank’s projection suggests these ETFs could attract between $50 billion and $100 billion in 2024.

Vanguard’s Conservative Stance

In contrast, Vanguard, a major asset manager, has opted out of this new venture, as reported by Coingape. Citing these instruments’ speculative and unregulated nature, Vanguard remains aligned with its long-term, traditional investing philosophy. This decision has sparked a conversation among investors, with some moving their accounts to more crypto-friendly institutions like Fidelity.

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.