How Successful Was the First Day of BTC ETF Trading?

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 13 January 2024

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

Ask two people and you'll get three answers. NLW explores the facts of the first day of trading and what it suggests about what happens next. Today's Sponsor: Kraken Kraken: See what crypto can be - https://kraken.com/TheBreakdown Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Friday, January 12th, and today we are following up on the first day of ETF trading, plus covering everything we missed this week.
0:27.7	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord.
0:36.5	You can find a link in the show notes or go to bit.ly slash breakdown pod. Well, friends, like I said, today we are starting with the follow-up on
0:42.8	the first day of trading, and the first day was, let's call it open to interpretation. As you might
0:49.0	expect, different people with different access to grind had a lot of different interpretations.
0:53.0	You'll hear my full, more subjective take on tomorrow's show, which is, of course, the live show I do with Scott Melker.
0:58.9	But early morning price action for Bitcoin was positive, building a 5.4% gain before the stock market opened.
1:04.5	And once trading went live for the ETFs, there was a burst of liquidity, sending Bitcoin to two-year highs above $49,000.
1:10.6	Then after the first 15 minutes were over, Bitcoin plunged, reaching a low of 45, sending Bitcoin to two-year highs above 49,000. Then after the first 15 minutes
1:12.1	were over, Bitcoin plunged, reaching a low of 45,600 for the morning session. Bitcoin recovered
1:17.5	a little in the afternoon, but end of the day trading at around 46,000, essentially a round-trip.
1:22.7	As I'm recording this now on Friday, we're down under 44,000, putting a little bit more evidence
1:27.3	in the sell
1:27.7	the news camp. Now, when it comes to the ETFs themselves, all 11 made their debut with some
1:32.6	impressive volumes across the cohort. Volume hit 500 million in the first 20 minutes, excluding
1:37.8	GPTC. BlackRock and Fidelity both got out to an early lead, outperforming the other products
1:42.7	by an order of magnitude.
1:48.1	By the end of the day, the new spot ETFs had traded more than $2.2 billion in volume.
1:52.9	An additional $2.3 billion of GBTC changed hands, with the pro-share's Bitcoin Futures ETF, BITO moving $1.8 billion in volume.
1:56.2	BITO smashed its prior largest trading day, with analysts suspecting that the high
	...

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