Elizabeth Warren Criticizes SEC as Bitcoin ETFs Record Over $4 Billion in First-Day Trades
The newly approved spot Bitcoin exchange-traded funds (ETFs) have witnessed a remarkable trading volume, exceeding $4 billion on their first day in the market.
According to Bloomberg Intelligence ETF analyst James Seyffart, spot Bitcoin ETFs’ first-day trading volume exceeded $4.6 before the market closed. Grayscale Bitcoin Trust contributed to over $2.3 billion, more than half of the total amount.
Here's the #Bitcoin ETF Cointucky Derby data via trading volume on day 1 (more volume will continue for a little while).
Total Volume was over $4.6 Billion with $GBTC about half of it. BlackRock & Fidelity went 1 & 2 absent GBTC. pic.twitter.com/t70MzyQfZW
— James Seyffart (@JSeyff) January 11, 2024
“Very easy argument to be made that a ton of this volume was selling of GBTC and buying of other ETFs for now!” said Seyffart. Grayscale’s spot Bitcoin ETF was converted from its previous product.
Excluding Grayscale, BlackRock’s iShares Bitcoin Trust and Fidelity’s Fidelity Wise Origin Bitcoin Fund came the first and second each with $1 billion and $700 million trading volumes.
Valkyrie, WisdomTree, and Hashdex had the lowest first-day trading volumes all below $10 million.
Hashdex has published a blog to announce that the firm currently does not own any spot Bitcoins, and its spot Bitcoin ETF (DEFI) is a mere futures product. According to the post, the fund will “change its name and change its investment strategy to permit spot bitcoin in its portfolio.”
Meanwhile, U.S. Senator Elizabeth Warren (D-MA) has raised concerns about the Securities and Exchange Commission’s (SEC) decision to approve spot Bitcoin ETFs.
In a statement, Warren criticized the SEC for allowing these financial products without ensuring that they adhere to basic
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