BlackRock’s Bitcoin ETF Takes the Lead in Historic Pre-market Debut (Finance Magnates)
The United States witnesses the commencement of
pre-market trading for its first-ever Bitcoin exchange-traded funds (ETFs)
today (Thursday). BlackRock’s iShares Bitcoin Trust (IBIT) takes the
lead, soaring an impressive 22.25% in pre-market trading, Cointelegraph
reported, citing data from Yahoo Finance.
Meanwhile, Grayscale’s Bitcoin Trust (GBTC) also
entered the pre-market trading with a notable gain of 2%, reflecting the
growing interest surrounding these newly approved financial products among investors. With a substantial pre-market volume of $2 million,
IBIT’s impressive debut has prompted speculation about BlackRock’s influence in
driving this initial surge.
Grayscale’s Bitcoin Trust
Meanwhile, Grayscale’s Bitcoin Trust (GBTC) entered
the pre-market trading, highlighting a gain of 2% during the early hours.
Listed on the New York Stock Exchange, GBTC adds to the excitement surrounding
the launch of spot Bitcoin ETFs in the US.
The approval of 19b-4 applications from major
players such as BlackRock, Grayscale, and others by the US Securities and
Exchange Commission (SEC) paved the way for 11 spot Bitcoin ETFs to be listed
and traded on public exchanges.
Welcoming @iShares to the @NasdaqExchange Opening Bell. https://t.co/K9aO2FLBVs
— Nasdaq Exchange (@NasdaqExchange)
Surprisingly, the price of Bitcoin did not respond
much to the official approval of the first-ever spot Bitcoin ETF, maintaining a
steady position of around $46,000. In contrast, the fake news about the
approval of the funds that surfaced after the SEC’s website was compromised
triggered a more significant spike in the price of the digital asset.
Impressive Inflows Mark Spot Bitcoin ETF Debut
IBIT stands out as it charts a course toward an
unprecedented $3 billion inflow on its inaugural trading day. The recently
approved fund attracted $400 million within the first half-hour of trading,
Coindesk reported, citing crypto index provider CF Benchmarks.
According to cryptocurrency index provider CF
Benchmarks, IBIT’s first 30 minutes of trading experienced an influx of $400
million, hinting at a potential record-breaking $3 billion in assets under
management by the end of the first trading day.
If achieved, this would mark the largest debut in
ETF history, underlining the pent-up demand from investors seeking regulated
avenues for bitcoin ownership. CF Benchmarks CEO Sui Chung emphasizes the ripple
effects of IBIT’s success. The ETF is expected to catalyze increased demand,
prompting market makers to allocate more capital to support liquidity.
This article was written by Jared Kirui at www.financemagnates.com.
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