Bitcoin Spot ETF Trades Reach $3.1 Billion on Second Day - BTC Price Continues Decline
Bitcoin spot ETFs continue to see impressive trading activity, albeit slightly lower than the first day.
Bitcoin Spot ETF Trades Reach $3.1 Billion on Second Day - BTC Price Continues Decline
According to data from The Block, the second day of Bitcoin spot ETF trading (12/01 - US time) witnessed trading volumes totaling $3.1 billion across U.S. stock exchanges. While this volume is lower than the $4.6 billion recorded on 11/01, it still indicates significant demand for these products, with a total trading volume over the first two days reaching a massive $7.7 billion.
Leading the second day's trading was Grayscale's GBTC with a volume of $1.8 billion, followed by BlackRock's IBIT and Fidelity's FBTC with trading volumes of $563 million and $431 million respectively.
Bitcoin spot ETF trading volume statistics over the first two days. Source: The Block (13/01/2024)
However, as reported by Coin68, a majority of GBTC's trading volume on 11/01 consisted of sales or conversions to other products, reflected in outflows totaling $95 million. It was also the only ETF to record negative flows on the first day of Bitcoin ETF trading.
UPDATE: Looks like @Grayscale's $GBTC saw $484 million in outflows today. @ARKInvest/@21Shares' $ARKB saw $42.5 million of INflows. @BitwiseInvest's $BITB flat on flows today. Don't have the data on any of the others yet. Total out of $GBTC is now ~$579 million pic.twitter.com/Ocuw9eHaHs
— James Seyffart (@JSeyff) January 13, 2024
Some analysts suggest similar trends on 12/01. Although exact figures are not available, preliminary statistics indicate that outflows from GBTC on the second trading day could approach nearly half a billion USD.
In the past 12 hours, Bitcoin's price has dropped by over 8%, falling from $45,900 to $41,500 USD, driven by profit-taking sentiment following the dominance of Bitcoin spot ETFs in the market. Additionally, reports indicate that Grayscale transferred 4,000 BTC to Coinbase to facilitate the conversion of GBTC shares back to physical BTC, triggering a sell-off on the evening of 12/01.
1-hour chart of BTC/USDT pair on Binance at 09:35 AM on 13/01/2024
In the past 12 hours, nearly $280 million in derivative orders have been liquidated, with long positions accounting for 85.6%. BTC represented nearly half of the liquidated value at $112 million USD, followed by ETH at $62 million USD, with the remainder attributed to various altcoins.
Liquidation statistics in the past 12 hours, screenshot from CoinGlass at 09:40 AM on 13/01/2024.
