Trading volume & competition among Bitcoin spot ETF issuers increasing rapidly
In the last two days, the trade volume of Bitcoin spot ETF products touched $7.7 billion but experts believe it will go down after a few weeks later.
Currently, 11 Bitcoin spot ETF issuers are in the US stock market, including BlackRock. On 10 Jan, the American securities regulatory body approved their Bitcoin spot ETF applications.
Between 11 Jan to 12 Jan, the total trade volume of Bitcoin spot ETF products touched $7.7 billion.
On the first day, the trading volume was $3.1 billion and on the second day was $4.6 billion.
On both days, Grayscale Bitcoin spot ETF was the highest active product with $2.3 billion on Thursday & $1.8 billion on Friday trade volume.
Before this, some ETF experts shared opinions on claimed that these products would not see a high inflow of money in this initial phase, despite huge hype, but admitted that in the long term, it is responsible for the inflow of billions of dollars.
To beat the competition & attract the corresponding Bitcoin spot ETF products, the majority of ETF issuers are reducing their ETF trade fees.
Franklin Templeton, the San Mateo, California-based investment management firm, reduced its Bitcoin Exchange-Traded Fund (ETF) fee from 0.29% to 0.19%.
Just a couple of days ago, Cathie Wood, the CEO of ARK Investment firm, shared her opinion on Bitcoin spot ETF approval & potential outcomes.
Wood said that Bitcoin will reach $600,000 by the end of the decade from the perspective of her base case scenario.
She also predicted that the trade price of Bitcoin will hit $1.5 million in 2030.
Her prediction was based on the approval of Bitcoin spot ETF products, Bitcoin adoption with new use cases, and adoption as an investment asset among the new players.
