BlackRock's Bitcoin ETF Takes the Lead in Historic Pre-market Debut

<p>The United States witnesses the commencement of
pre-market trading for its first-ever Bitcoin exchange-traded funds (ETFs)
today (Thursday). BlackRock's iShares Bitcoin Trust (IBIT) took the
lead, soaring by an impressive 22.25% in pre-market trading, Cointelegraph
reported, citing data from Yahoo Finance. </p><p>Meanwhile, Grayscale's Bitcoin Trust (GBTC) also
entered the pre-market trading with a notable gain of 2%, reflecting the
growing interest surrounding these newly approved financial products among investors. With a substantial pre-market volume of $2 million,
IBIT's impressive launch has prompted speculation about BlackRock's influence in
driving this initial surge.</p><p>Grayscale's Bitcoin Trust</p><p>Meanwhile, Grayscale's Bitcoin Trust (GBTC) entered
the pre-market trading, highlighting a gain of 2% during the early hours.
Listed on the New York Stock Exchange, GBTC added to the excitement surrounding
the launch of <a href="https://www.financemagnates.com/tag/bitcoin-etf/" target="_blank" rel="follow">spot Bitcoin ETFs</a> in the US. The approval of the applications from major companies such as <a href="https://www.financemagnates.com/tag/blackrock/" target="_blank" rel="follow">BlackRock</a>, Grayscale, and others by the US Securities and
Exchange Commission (SEC) paved the way for 11 spot Bitcoin ETFs to be listed
and traded on public exchanges.</p><blockquote><p lang="en" dir="ltr">Welcoming <a href="https://twitter.com/iShares?ref_src=twsrc%5Etfw">@iShares</a> to the <a href="https://twitter.com/NasdaqExchange?ref_src=twsrc%5Etfw">@NasdaqExchange</a> Opening Bell. <a href="https://t.co/K9aO2FLBVs">https://t.co/K9aO2FLBVs</a></p>— Nasdaq Exchange (@NasdaqExchange) <a href="https://twitter.com/NasdaqExchange/status/1745450889270493293?ref_src=twsrc%5Etfw">January 11, 2024</a></blockquote><p>Surprisingly, the price of <a href="https://www.financemagnates.com/terms/b/bitcoin/">Bitcoin</a> did not respond
much to the approval of the spot Bitcoin ETF. It maintained a
steady price of around $46,000. In contrast, the fake news about the
approval of the funds that surfaced after the SEC's website was compromised
triggered a more significant spike in the price of the digital asset.</p><p>Impressive Inflows Mark Spot Bitcoin ETF Debut</p><p>IBIT stands out as it charts a course toward an
unprecedented inflow of $3 billion on its inaugural trading day, Coindesk reported, citing crypto index provider CF Benchmarks. The recently
approved fund attracted $400 million within the first half-hour of trading,
</p><p>According to CF
Benchmarks, IBIT's first 30 minutes of trading experienced an influx of $400
million, hinting at a potential record-breaking $3 billion in assets under
management by the end of the first trading day. </p><p>If achieved, this would mark the largest debut in
ETF history, underlining the demand from investors seeking regulated
avenues to invest in bitcoin. CF Benchmarks' CEO, Sui Chung, emphasized the <a href="https://www.financemagnates.com/terms/r/ripple/">ripple</a>
effects of the success of IBIT. The ETF is expected to catalyze increased demand,
prompting market makers to allocate more capital to support liquidity. </p>

This article was written by Jared Kirui at www.financemagnates.com.