Spot Bitcoin ETFs made an eye-catching appearance on Thursday after the United States Securities and Exchange Commission (SEC) approved listing and trading for all 11 issuers of Spot Bitcoin ETFs including BlackRock and Grayscale on the exchange on January 10. However, experts believe the Spot Bitcoin ETF is actually recording an inflow nature when the total trading volume of 4.6 billion for the newly listed ETF is taken into account.
Ran Neuner, coordinator of Onchain Capital, and founder of Crypto Banter, in a post on X said "The first day of the Bitcoin ETF was unsuccessful." He believes many people report more than $4.5 billion in total trade, but they don't analyze the data.
11 Spot Bitcoin ETFs, including those from financial giants such as BlackRock and Fidelity Investments, had an impressive showing in terms of trading volume, with about $4.6 billion of shares traded on the first day. Bloomberg's chief ETF analyst, Eric Balchunas, reported that a total of 700,000 individual trades were executed today involving the 11 spot ETFs.
Ran Neuner noted that the total trade was $4.6 billion and Grayscale Bitcoin Trust (GBTC) recorded a reading of $2.3 billion. GBTC data is mostly sales and outflows due to higher fees of 1.5% and old locked Bitcoins. Therefore, "the real number is almost zero new inflows."
Bloomberg ETF analyst James Seyffart also believes that the majority of this trading volume is the sale of GBTC and the purchase of other Bitcoin Spot ETFs. However, he remains optimistic about the huge demand in the Spot Bitcoin ETF throughout the year.
Bitcoin price surged almost to the $49,000 level but returned below the $46,000 trading level in just 3 hours. BTC price is currently trading at $45,800. Further, trading volume has decreased by 14% in the last 24 hours, indicating a decrease in interest among traders. Analysts expect the price of Bitcoin to reach $50,000, but volatility and trader sentiment could prompt further selling in the coming weeks.
