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Investors Pour $4.7B into Spot Bitcoin ETFs on First Day
Investors hungry for simplified crypto trading embraced spot bitcoin ETFs, pouring billions into the new product on their first day of trading today even as the morning’s price gains evaporated. More $4.7 billion traded in the 11 new exchange-traded funds as of market close, according to Bloomberg data. Leading the trading was the Grayscale Bitcoin Trust (GBTC), which traded $2.33 billion, followed by BlackRock’s iShares Bitcoin Trust (IBIT), with $1.04 billion traded. Trading topped the $4 billion in first-day volume predicted by analysts including Bloomberg’s James Seyffart, and beat the nearly $1 billion ... (full story)