“Bitcoin price skyrockets as BlackRock’s IBIT sells $7.5M shares in record time”


On Thursday, Bitcoin (BTC) surged past $48,000 as the first spot Bitcoin ETFs made their debut in the US. This was following the approval by the SEC on January 10, 2024.

In the first 10 minutes, BlackRock’s Bitcoin ETF ($IBIT) traded $7.5 million shares, showcasing the demand for spot ETFs in the market.

At the time of writing, Bitcoin’s price was up 8.8% to $48,875 with a market capitalization of approximately $950 million. This surge in price coincided with the successful launch of BlackRock’s IBIT, which recorded an impressive $292 million in shares and was on track to surpass $1 billion.

Other Bitcoin ETFs, such as Grayscale’s GBTC, Ark Invest’s ARKB, and Fidelity’s FBTC, also saw significant trading activity, indicating a potential rise in demand as momentum builds. Analysts predict that most of the volume in the first few days of trading will convert to inflows.

Eric Balchunas, a Bloomberg ETF analyst, noted that the volume was “big” and was set to surpass the record set by ProShares Bitcoin Strategy ETF (BITO) in October 2021. He also shared a comparison chart showing the trading profile of spot Bitcoin ETFs in Europe, which suggests that the spreads and prem/disc have tightened.

As the ETF market heats up on its first day, Bitcoin’s price is expected to continue its upward trend, potentially reaching the $50k level before consolidating at support levels. Market observers also point to the upcoming BTC halving, combined with overall bullish sentiment, as potential catalysts that could push Bitcoin’s price beyond $100k in 2024.

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