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The Cryptocurrency Market is Moving: What Bitcoin Can Do on Wall Street
Bitcoin celebrated its 15th birthday this month with an enthusiastic entry into Wall Street. Now in its nascent age, this entity may have to grow rapidly.
Investors began trading 11 exchange-traded funds (ETFs) in the U.S. on Jan. 11 after receiving regulatory approval by tracking bitcoin's spot price. After two trading days, they were holding a total of 644,860 bitcoins, valued at more than $27 billion, according to data from analytics firm Glassnode.
Most of these more than 500,000 bitcoins were previously held in the Grayscale Bitcoin Trust, a closed-ended fund that has been allowed to be relaunched as one of the new ETFs.
The 11 ETFs have seen inflows totaling $4.1 billion since Jan. 11, according to CoinShares data.
Glassnode for the entry of the world's largest cryptocurrency into the world's largest stock market; "It marks the end of the beginning of Bitcoin's maturation and growth phase," he said.
He cited the views of many investors who said that increasing this liquidity would soothe bitcoin's volatility over time.
Brent Donnelly, currency trader and head of Spectra Markets; "It's an almost inevitable evolution of a new security, largely born of uncertain value and price, as a mainstream asset maturation in which a million investors are investing," he said.
The total value of Bitcoin traded on cryptocurrency exchanges is, on average, about $500 million per day, according to Donnelly. By comparison, U.S. spot bitcoin ETFs recorded $4.6 billion in volume in their first trading day.
However, it's too early to gauge whether new bitcoin investment products can maintain investor interest in the long term, market participants have warned.
Still, the 644,860 bitcoins held by 11 U.S. ETFs after two trading days represented about 30% of all global spot bitcoin ETF holdings, according to Glassnode data.
Even if trading volumes decline along with the waning hype, increased market liquidity could anticipate the launch of derivatives that bet on bitcoin's volatility, according to some market observers.
Anders Helseth, head of research at K33 Research; "Due to the current importance of U.S. ETF flows, we expect the U.S. trading session to be the most important session in terms of bitcoin's price action," he said.
#BTC. # #OAX. # ONDO. #XRP. # BLUR. AVAX.
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