The trading volume of Bitcoin ETFs surpassed the combined volume of all ETFs launched in 2023. Within the first three days of their launch in January, 11 spot Bitcoin ETFs approached a $10 billion trading volume, noted Bloomberg analyst James Seyffart.
Eric Balchunas highlighted that this volume exceeded that of 500 other ETFs launched in 2023, which collectively traded $450 million on January 16. For comparison, Grayscale’s Bitcoin ETF alone neared $5 billion in trading volume within three days, while those from BlackRock and Fidelity Investments reached $2 billion and $1.5 billion, respectively.
The Bitcoin price has remained stable at around $42,600 despite these developments. Notably, the influx of $10 billion did not come from centralized exchanges but rather from large wallets like Mike Saylor’s MicroStrategy. This scenario contrasts with typical market behavior, where a $1 billion Tether issuance usually results in a 3-5% BTC price increase.
SEC Chairman Gary Gensler’s skepticism about Bitcoin ETFs is proving valid, as the market is flooded with paper Bitcoin, affecting the cryptocurrency’s price. This trend mirrors the impact seen with Bitcoin futures on CME, indicating a new phase in market manipulation.
