- Crypto Pragmatist by M6 Labs
- Posts
- State of the Market: Bitcoin ETFs Are Finally Here
State of the Market: Bitcoin ETFs Are Finally Here
Is this the start of a new era?
Crypto Ramesses
January 12, 2024
GM, Anon! Welcome to this week's Crypto Market Update! It has been a history-making week for Bitcoin. With the spot BTC ETFs finally going live, many expect this to be a watershed moment in crypto history. So, without any further ado, let’s dive in!
Before We Begin
DYDX liquid staking is now available on the pSTAKE testnet with stkDYDX. You can test out stkDYDX and provide stkDYDX liquidity on Dexter.
State Of The Market: A New Era
There’s no denying that crypto will never be the same following this monumental event. Let’s take a look at how the market is reacting.
TLDR
Bitcoin spot ETFs saw $4.6B in trading volume on their first day.
Grayscale, BlackRock, and Fidelity led in trading volumes.
Bitcoin futures open interest on CME reached an all-time high of $5.4B.
Asset managers increased long futures interest.
Digital asset products received $151M in inflows in the first week of 2024.
Ethereum surged following ETF news.
The launch of BTC spot ETFs has made a significant impact on the crypto industry, with approximately $4.6B in trading volume recorded on their inaugural day of trading, based on data from LSEG.
Reply