It took a decade of waiting, but Bitcoin finally got its ETF moment. On Thursday, shares from BlackRock and nine other ETF issuers began trading and so far it looks like the new product is a hit. The Wall Street Journal described the moment as a "monster start" for Bitcoin ETFs while Bloomberg wrote that the new shares "took Wall Street by storm."
As proof of success, market watchers pointed out that $4.6 billion worth of Bitcoin ETF shares changed hands, suggesting demand for the product was both broad and deep. BlackRock's fund alone saw over $1 billion of trading volume, which came close to being the biggest ETF debut in history, not far behind the $1.16 billion in volume that the firm's "carbon transition" ETF notched on its first day in 2021.
