Bitcoin surges to $49,000 as spot ETF trading volume reportedly breaks opening day record: db

exchange68September 12, 2024

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Quick Take

The Bitcoin market witnessed a notable movement as Bitcoin’s value breached the $49,000 mark, indicating a 4% increase within the past 24 hours. Currently, Bitcoin is trading at $48,500.

This surge aligns with the dynamic shift in the global financial landscape, where digital currencies are playing a more prominent role. Concurrently, the spot ETF’s total trading volume soared, hitting $2.3 billion within the opening 20 minutes of trading, according to @tier10k.

Other analysts have suggested the numbers are lower at a still impressive $1.8 billion. The frantic launch and influx of data have all eyes on the close when numbers can be officially tallied to confirm whether any single ETF has broken the day-one record. Some are suggesting that breaching $2 billion would require including ProShare Bitcoin Futures ETF, BITO.

That is a new record for an ETF on opening day.

Looking at IBIT, the BlackRock spot ETF, over 10 million shares have been traded in the first twenty minutes of trading. Currently trading at $29 a share, up 3%.

UPDATE: Clarifying numbers, disagreement among analysts.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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