BlackRock, Fidelity early winners among 11 spot bitcoin ETFs that have hit a total of $2.2 billion in trading volume so far

by RT Watson

Markets • January 11, 2024, 11:12AM EST

Published 1 minute earlier on

UPDATED: January 11, 2024, 1:16PM EST

The Block

Quick Take

BlackRock and Fidelity are leading the pack of new spot bitcoin ETFs that began trading on Thursday, with more than $958 million in trading volume between the two instruments in early trading.
Some new bitcoin ETFs had less than $10 million win trading volume while Grayscale’s product, which is a conversion, had about $1 billion in trading volume.

BlackRock and Fidelity's spot bitcoin ETFs got off to a hot start on Thursday.

The two Wall Street juggernauts are leading the pack in early trading as between the two of them, their new spot bitcoin ETFs have seen more than $958 million in trading volume as of 11:10 a.m. EST on Thursday morning, according to data from Yahoo Finance compiled by The Block Pro Research. As both BlackRock and Fidelity's products are new it's likely the majority of the trading volume is made up of inflows of capital.

That could be different for Grayscale's spot bitcoin ETF, which instead of being a new exchange-traded fund is a conversion of its flagship fund. Grayscale's ETF had about $1 billion in trading volume as of 11:10 a.m. EST but it's unclear how much of that could possibly be capital flowing out of the instrument.

The ARK 21Shares Bitcoin BTC -1.93% ETF had $148 million of trading volume. Some other new spot bitcoin ETFs that began trading, like those offered by Franklin Templeton and Valkyrie registered volumes below $10 million on Thursday morning, the data also showed.

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Spot bitcoin ETFs could bring in $100 billion

Many market watchers have attempted to speculate how much capital will flow into the new instruments, which allows investors to wager on the price of bitcoin without having to own the digital currency. The new spot bitcoin ETFs could bring in as much as $50 billion to 100 billion in 2024, according to Standard Chartered Bank.

After months of waiting, the Securities and Exchange Commission approved 11 spot bitcoin ETFs yesterday. The moved is viewed as a major boon for crypto and the market reacted accordingly with not only bitcoin, but many more top tokens all increasing in value on Thursday.

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About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.