U.S. Bitcoin ETFs See $4.6 Billion Volume On 1st Day Of Trading

US-listed bitcoin exchange-traded funds (ETFs) saw $4.6 billion worth of shares trade hands as of the end of last week, according to LSEG data, as investors jumped into the landmark products approved by the US securities regulator, Hannah Lang, Suzanne McGee, and Manya Saini reported for Reuters.

The surge comes as eleven spot bitcoin ETFs - including BlackRock's iShares Bitcoin Trust, Grayscale Bitcoin Trust, and ARK 21Shares Bitcoin ETF, among others, began trading.

The products mark a watershed moment for the cryptocurrency industry that will test whether digital assets - still viewed by many professionals as risky - can gain broader acceptance as an investment.

Eleven spot bitcoin ETFs - including BlackRock's iShares Bitcoin Trust, Grayscale Bitcoin Trust, and ARK 21Shares Bitcoin ETF, among others, began trading Thursday, kicking off a fierce fight for market share.

Grayscale, BlackRock, and Fidelity dominated trading volumes, the LSEG data showed. "Trading volumes have been relatively strong for new ETF products," said Todd Rosenbluth, a strategist at VettaFi.

"But this is a longer race than just a single day's trading. The green light from the US Securities and Exchange Commission (SEC) for the products finally came late on Wednesday, following a decade-long tussle with the crypto industry.

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