Grayscale’s GBTC Takes the Lead
Since their recent launch in the United States, spot Bitcoin ETFs have achieved a cumulative trading volume of nearly $10 billion within just three days.
Grayscale’s GBTC, according to Bloomberg analyst James Seyffart, emerged as the standout performer among the spot Bitcoin ETFs, recording an impressive three-day trading volume of $5.174 billion.
Notable Performances from BlackRock IBIT and FBTC
BlackRock’s IBIT also saw substantial engagement, reaching $1.997 billion in trading volume, while FBTC recorded $1.479 billion during the same period.
Together, these three ETFs accounted for an impressive $9.771 billion in trading volume, indicating strong investor interest in the cryptocurrency market.
Wisdomtree’s Distinct Position in the Market
Seyffart described the recent ETF launches as a resounding success by most metrics. He pointed out that Wisdomtree stands out from the rest, currently managing assets of just $3.25 million.
Seyffart emphasized that it is still early days, indicating that the competition in this space offers long-term potential for growth and progress.
ProShares Expands with Leveraged ETF Applications
In addition to the existing ETFs, ProShares has submitted applications for five leveraged spot Bitcoin ETFs to the U.S. Securities and Exchange Commission (SEC).
These ETFs will track the daily performance of the Bloomberg Galaxy Bitcoin Index, offering leverage options ranging from -2x to +2x.
Bitcoin’s Potential Surge to $170,000
Anthony Scaramucci, the founder and managing partner of hedge fund SkyBridge, has suggested that the price of Bitcoin could potentially reach $170,000 in the coming year.
Scaramucci’s prediction is based on two key factors, including the growing demand for newly listed exchange-traded funds (ETFs) and the upcoming halving event scheduled for April.
The halving event, a technical occurrence in the Bitcoin network, is designed to reduce the rate at which new Bitcoins are introduced into circulation. Scaramucci believes that the price of Bitcoin could potentially quadruple within the 18 months following the halving, regardless of its starting price in April.
