The crypto trading landscape is witnessing a paradigm shift with the recent introduction of spot Bitcoin ETFs in the United States, catalyzing a new wave of trading dynamics. Bloomberg analyst James Seyffart revealed that the total trading volume of the US spot Bitcoin ETFs over a span of the first three days approached the $10 billion mark. This substantial volume was predominantly led by Grayscale’s GBTC, with a three-day trading volume amounting to $5.174 billion, followed by BlackRock’s IBIT at $1.997 billion, and Fidelity’s FBTC at $1.479 billion, cumulating to an aggregate trading volume of approximately $9.771 billion. Update on the #Bitcoin ETF Cointucky Derby. The ETFs have traded almost $10 billion total over 3 days. Will have updated flows and assets later tonight or tomorrow morning. pic.twitter.com/OnpCshjYJP — James Seyffart (@JSeyff) January 16, 2024 Despite these impressive figures, Bitcoin’s price performance has not mirrored the trading volume’s growth, a phenomenon analysts attribute to a strategic pivot among Grayscale’s clientele. Investors are increasingly transitioning their capital from Grayscale’s GBTC, with its 1.5% annual fee, to more cost-effective s ..
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