Coin Stories with Natalie Brunell cover image

Coin Stories with Natalie Brunell

News Block: Billions in Spot Bitcoin ETF Trading Volume, Why Bitcoin's Price Fell, BlackRock & Fidelity Lead Race, Vanguard Restricts Clients from Bitcoin

Jan 16, 2024
10:05
Snipd AI
Trading volume of billions of dollars in spot Bitcoin ETFs, BlackRock and Fidelity leading the ETF race, SEC's X account hack, Vanguard restricting clients from Bitcoin, Bitcoin price falling, and Vanguard's philosophical stance against Bitcoin
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Podcast summary created with Snipd AI

Quick takeaways

  • The launch of 11 newly approved Bitcoin ETFs saw massive trading volume, indicating a race for liquidity among ETF issuers and their potential impact on the Bitcoin market.
  • BlackRock CEO, Larry Fink, endorses Bitcoin as an asset that protects wealth and highlights its potential as a store of value and scarcity compared to gold, reflecting growing acceptance of the cryptocurrency by institutional investors.

Deep dives

Success of Bitcoin ETFs Launch

The launch of 11 newly approved Bitcoin ETFs saw massive trading volume, with $4.6 billion in trading volume on the first day alone. The top ETFs attracting inflows were BlackRock, Fidelity, Bitwise, Arc 21 shares, and Franklin Templeton. Grayscale's GBTC, on the other hand, experienced outflows. The impressive inflows indicate the race for liquidity among these ETF issuers and their potential impact on the Bitcoin market.

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