According to James Seyffart, competition is a long-term journey and the recent debut of Bitcoin ETFs has been mainly successful.
Spot Bitcoin ETFs have gotten off to a decent start since their introduction in the United States last week.
James Seyffart, an ETF strategist at Bloomberg, says that within the first three days of their debut, the total trading volume of spot Bitcoin ETFs surpassed $3 billion.
Spot Bitcoin ETFs Trading
As per the analysis of Bloomberg analyst James Seyffart, the cumulative trading volume of Bitcoin spot ETFs in the United States has approached $10 billion over the last three days.
Notably, Grayscale’s GBTC recorded a three-day trading volume of $5.174 billion, BlackRock’s IBIT attained $1.997 billion, and FBTC witnessed a trading volume of $1.479 billion all during this period.
The three Bitcoin spot ETFs collectively trade at a remarkable $9.771 billion in trading volume, which indicates substantial investor engagement in the cryptocurrency market.
James Seyffart, analyzing the recent ETF launches, asserts that these launches have been a tremendous success by the majority of metrics.
Furthermore, he distinguishes Wisdomtree from the rest with its assets currently amounting to just $3.25 million.
Seyffart highlights that it is only the third day since its commencement, implying that the competition is a long-term adventure with opportunities for growth and progress.
ProShares has additionally made a remarkable advancement in cryptocurrency investment by formally submitting applications for five leveraged spot Bitcoin ETFs to the U.S. Securities and Exchange Commission (SEC).
These ETFs will track the daily performance of the Bloomberg Galaxy Bitcoin Index, with a range of -2x to +2x.
As of yet, the precise tickers and associated fees for these leveraged ETFs remain undetermined.
Nevertheless, their implementation is provisionally planned to commence on April 1, pending regulatory authorization.
Pending SEC review and approval, ProShares intends to provide investors with diversified opportunities to engage with Bitcoin’s spot market via a variety of leverage options.
BTC Price Action
In the week since the introduction of spot Bitcoin ETFs, the BTC price has been subject to intense selling pressure.
BTC is $42,863 with a market cap of $840 billion as of press time.
However, based on on-chain data from Santiment, an obvious trend has emerged among large Bitcoin wallets: an active migration of older coins, resulting in a substantial reduction in the average age of coins.
Although there are indications that this trend may have ceased temporarily, it has the potential to cause a disruption in the ongoing bullish cycle within the cryptocurrency market.
