How did the spot bitcoin ETFs perform on their first trading day?
Friday marks the second day of trading for the 11 recently approved spot bitcoin ETFs (BTC-USD), following the landmark green light from regulators on Wednesday. Leading issuers Grayscale Bitcoin Trust (GBTC), iShares Bitcoin Trust (IBIT), and Fidelity Wise Bitcoin Fund (FBTC) saw more than $4 billion in volume change hands during the eagerly awaited first trading session.
Yahoo Finance's Bradley Smith and Seana Smith break down the details.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Angel Smith.
Video Transcript
SEANA SMITH: We're around just about 26 minutes into the second-trading day here for spot Bitcoin ETFs. So we certainly saw a lot of excitement surrounding the listing debut of these products yesterday. The US listed Bitcoin ETFs seeing more than $4 billion worth of shares traded with grayscale BlackRock fidelity.
Dominating the headlines. Dominating some of that market volume here yesterday. So we did see Bitcoin ETFs. I think it's fair to say, get off to a very solid, encouraging, monster start here for Wall Street.
There was an interesting development during yesterday's trading day. The fact that Vanguard saying that it will not offer spot Bitcoin funds on its platform. And I bring this up because this points to some of the uncertainty some of the volatility.
Some of the fact that, to some extent, not all on Wall Street have confidence in this product, yet have confidence in crypto. The way it trains. The sustainability of what this is going to be like for individual investors.
So keeping that all in mind, I think that points to the fact that there's still lots of uncertainty surrounding the debut of these products. But, judging by the volume yesterday, there clearly is a demand for Bitcoin spot ETFs. What that demand looks like following this pent up debut? I think is really what investors need to keep on their radar next week.
BRADLEY SMITH: And some of the largest fund managers that are getting involved within this move here. I was just taking a look. And any of our viewers can check out this particular historical data section on the Yahoo Finance platform. And even if you were to look up, say, GBTC.
Which, of course, we were just speaking with-- our own Julie Hyman was speaking with Michael Sonnenschein yesterday on the floor of the New York Stock Exchange as they essentially were able to make that conversion following the SEC's approval. 56 million was the volume that we saw there. So, big pop on volume there.
Also, iShares that rang the opening bell at the NASDAQ. The iShares Bitcoin Trust. IBIT, I-B-I-T that saw 36 point-- or 37.6 million in volume. And then, additionally, we interviewed Valkyrie earlier this week as well. They saw a pop in volume on yesterday. So the larger question is, what is the long tail of some of that volume? Where do we start to average out at from here.
SEANA SMITH: Yeah, Valkyrie seeing about 9 million of shares exchanging hands yesterday. And really, what the read through of some of the numbers that you were just citing, some of the numbers here that we're seeing from the other Bitcoin products-- ETF products is what that's going to tell us about the winners and losers within this category.
Obviously, some are going to be at more of an advantage than others. A lot of that coming down to fees. So, of course, in terms of what investors favor here over the coming weeks. We'll be very telling about some of the opportunity here in the long term.
Well, we are going to be diving deeper into this historic week it's been for Bitcoin with the spot ETF approvals. I got a guest coming up in the next hour. Sandy Kaul Franklin Templeton's Head Of Digital Asset Investor Advisory Services will be joining us next hour for more on her take of what this means for the broader crypto market. So we'll be bringing that to you in the next hour.
