GBTC - Bitcoin ETFs Roar Onto Wall Street On Day 1 But Questions Linger About New Money | Benzinga
The debut of spot Bitcoin (CRYPTO: BTC) exchange-traded Funds (ETFs) in the U.S. marked a historic day in the cryptocurrency market, with the first day bringing $4.5 billion in trading volumes.
This figure includes significant contributions from the Grayscale Bitcoin Trust (OTC: GBTC), which accounted for about half of these volumes, and a new fund by BlackRock Inc. (NYSE: BLK), which saw roughly a quarter.
Grayscale's Dominance And Market Dynamics: Grayscale, having cleared to convert to an ETF, played a pivotal role in the day's trading dynamics.
The high trading figures from GBTC suggest a substantial portion of the volume might be attributed to existing funds being shuffled around, rather than new money entering the market.
This ...