Over a billion dollars worth of trading was processed by BlackRock alone as the 10 new exchange-traded funds (ETFs) that were introduced today came to a conclusion.
IBIT saw 37.5 million shares exchanged between $26.28 and $30, for a total market value of little over $1 billion, or 0.00056975625 bitcoin per share.
“Obviously, volumes do not represent inflows. Since trade has ceased, we will not know for some time how many shares have really entered circulation.”
The second-highest volume is Fidelity’s FBTC, with 16,751,436 shares traded at around $42 per share, or $700 million.
More than a quarter of a billion dollars was exchanged for 5,895,728 shares of Ark’s ARKB, making it the third largest.
The combined sales of these three have surpassed $2 billion. Bitwise and Franklin are two of seven, with a total value of almost $200 million.
Overall, the day’s volumes have been in line with expectations, but the $1 billion for BlackRock suggests that more purchasing might be on the horizon.
Rumor has it that they’ve secured $2 billion in the first week of trade. The first day would have seen them utilize only half of their ammunition, even when all quantities are considered inflows.
No volumes are coming in at this time since there has been selling—some people are even suggesting that Jane Street turned FBTC red.
As a whole, the issuers could bring in one billion dollars, and BlackRock could bring in half a billion. They will purchase that amount of bitcoin, although the precise number will be announced in the following hours.
The price of bitcoin has fluctuated wildly today, going as high as $49,000 before falling below $46,000 and now sitting at $46,400.
So, even if financial institutions like JP Morgan were to get the cash after the markets closed or even tomorrow, they would likely have a plan to hedge their bets, use their own funds to buy or sell, or both.
Thus, the market response is likely to be immediate, but the volumes say something about the possibility for greater purchasing if the BlackRock report is true.
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