Bitcoin Investors Question Bitcoin Performance Despite ETF News
Even after a record $4.6 billion Bitcoin ETF launch in the US, Bitcoin's price remains stable at around $46,000, surprising many followers.
Despite the biggest single asset Exchange-Traded Fund (ETF) launch in the US,Bitcoin's price stays at $46,000. This has caused curiosity among Bitcoin followers, especially with the high trading volume in the ETF market.
On its first day, Bitcoin ETFs had a huge turnover of $4.6 billion, with key players like Grayscale ($2.3 billion), BlackRock ($1 billion), and others involved. Over 700,000 trades were made.
ETF experts Nate Geraci and Eric Balchunas noted the record-breaking activity. Geraci said, “GBTC had the largest ETF launch ever with $2.3 billion… and the iShares Bitcoin ETF (IBIT) had the 5th largest with $1 billion.” Balchunas added, “There were 700,000 trades in the 11 Bitcoin ETFs, which is a lot of small-scale action.”
Despite these big numbers, Bitcoin's price didn’t go over $50,000. It briefly reached $49,000 but then fell to around $45,700. Now, it’s around $46,000. Dan Ripoll from Swan Bitcoin mentioned that the ETF news didn’t cause a big rise or fall in Bitcoin's price, which was unexpected.
