$BTC has been on the rise which has sparked an influx of new investors moving their money into the newly created Bitcoin ETFs. The funds, which launched last month, have seen their trading volume surge this week as bitcoin continues to climb. iShares Bitcoin Trust (IBIT) saw about 96 million shares change hands on on a single day this week, which is more than double its previous record high of about 43 million shares, which came earlier in the week. To put that into perspective that's like $520 million for BlackRock in a single day.
Another fund, the Fidelity Wise Origin Bitcoin Fund (FBTC) saw roughly 27 million shares change hands on Wednesday, easily surpassing the 16.8 million traded on Jan. 11, its first day of trading.
What this shows is that the highly active market around these funds is likely a sign that retail traders are using the ETFs to participate in the BTC rally. What's most interesting to be is the heavy intraday trading suggests that retail traders are a sizable group buying and selling the funds. I actually hold both crypto and EFTs, but prefer to hold coins. I have way more capital available for ETFs so as this bull cycle starts I think I'll be allocating more of these fund into ETFs.
In other ETF news, Tim Buckley, the Vanguard CEO under whose watch the giant asset manager has shunned spot bitcoin ETFs, will retire this year and a search is underway for his replacement, according to a statement from the company. There's speculation that his retirement could be from the misstep of not forming a bitcoin ETF during these early days. As a Vanguard customer I'd like to see more offerings. I have had Grayscale in my portfolio for a long time so having addtional area to diversify my BTC holding in my 401K would be great.
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I am very optimistic that this is just the beginning and there are more and more to come in the future
I hope this is the case. I can't wait to see what happens when we reach the old highs.
Same here. I can't really wait for how it will unfolds
As far as I know I don't have any exposure to ETF's. I might have to get with my broker next week and see if I can start putting some money into something. I prefer to just hold the tokens myself as well.
I bought a bunch if grayscale a few years back it has 3x since I bought it.
Nice!
Bitcoin ETFs is showing magic
Yes it's been good for all of us.
Good times are coming for those who are patient. There is still some time left
I think so!
Bitcoin etf are doing incredibly. I have some btc in my mycelium wallet. But as it's a small amount selling it not worthwhile. I get back about 50% so i might as well just hold on to it !
I'd like to see us to 100K and see what that does for alts.
The market is not going the way we are seeing that people are thinking this way and the market is standing above 60 thousand if the weekly closing is above 60 then we can break the all time high within March.
seems like it's holding pretty good.
I strongly believe more and more of this will definitely come in this month and even months to come