The Defiant

Spot Bitcoin ETFs Drove Over $600M in One Day, Preliminary Data Show

Bitwise led the way attracting the most flows out of the 11 funds that started trading.

By: Camila Russo Loading...

Spot Bitcoin ETFs Drove Over $600M in One Day, Preliminary Data Show

Spot Bitcoin exchange-traded funds (ETFs) drew in more than $600 million on their first day of trading.

The 11 spot Bitcoin ETF that started trading Thursday for the first time drew in $625.8 million in net flows, according to preliminary data compiled by BitMEX Research.

The Bitwise Bitcoin ETF led with $238 million, indicating strong institutional interest. Following were Fidelity Wise Origin Bitcoin ETF and BlackRock's iShares Bitcoin Trust with $227 million and $111.7 million, respectively.

Grayscale's GBTC, which has the highest fund fees at 1.5%, had $95 million of outflows.

These figures highlight the growing confidence in Bitcoin as an asset class and the demand for diverse investment products within the cryptocurrency space.

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