by Verità&Affari editorial team
Trading booms, as expected, for Bitcoin ETFs on the first day of trading Wall Street. While the cryptocurrency slows down its run after reaching the highest levels for almost two years. Bitcoin takes a break after the strong gains that took it to the highest levels in 21 months, in the wake of the SEC’s decision which approved the first exchange-traded funds (ETFs) listed on Wall Street, paving the way for the sale of cryptocurrencies on the stock exchange by US funds holding Bitcoin and access to a broader market of investors.
Long run
On the first day of trading, Bitcoin ETFs (exchange traded funds) on Wall Street trade 4.6 billion dollars with around 700,000 trades. “Trading volumes have been relatively strong for new ETF products,” he said Todd Rosenbluth, strategist at VettaFi. “But this is a longer run than just a trading day.” Yesterday, Thursday 11 January, the price of Bitcoin rose by 0.7%, after having grown by almost 9% since the beginning of the year and by 100% in 2023. Today the most widespread cryptocurrency loses 0.55% to $45,906.
Fierce competition
With the green light from the SEC, 11 bitcoin spot ETFs have started trading – including iShares Bitcoin Trust di BlackRock, Grayscale Bitcoin Trust e Ark 21Shares Bitcoin – which began negotiations yesterday morning, giving rise to fierce competition for market share. ETFs track the spot price of the cryptocurrency. Considering the different products as a single instrument, this would be the greatest value for a debut ETF. The 11 products already under negotiation had been ready for some time, awaiting the green light from the SEC which arrived after a long analysis and with a narrow majority (three votes in favor out of five)
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