Bitcoin ETFs begin trading on U.S. exchanges
Publishing timestamp: 2024-01-11 11:57:26
Summary
The article discusses the performance of bitcoin exchange-traded funds (ETFs) on their first day of trading. The Grayscale Bitcoin Trust (GBTC) and iShares Bitcoin Trust (IBIT) saw significant trading volume within the first 10 minutes of trading. The funds experienced volatility, with GBTC up 1.3% and IBIT initially rising but later falling more than 4%. The article also mentions that as many as 11 funds are expected to trade on Thursday. The success of the funds will be closely watched to see how well they track the price of bitcoin and their trading volume. The article highlights the potential benefits of ETFs, such as liquidity and tax advantages, and how asset managers are betting that bitcoin ETFs will attract new investors to the cryptocurrency market. The article also mentions that wide gaps between the price of the fund and the price of underlying bitcoin could be a sign of thin trading or structural issues with the ETF. Trading volume and price points are key metrics for investors, and some fund issuers have cut their proposed fees and offered temporary waivers to attract investors.
Sentiment: NEUTRAL
Keywords: grayscale bitcoin trust (btc), bitcoin, markets, business news, breaking news: markets, sec, exchange-traded funds, bitcoin/usd coin metrics,