Spot bitcoin ETFs entered their second day of trading Friday after the Securities and Exchange Commission officially approved a wave of applications late Wednesday. The ETF group moved collectively lower as bitcoin retreated briskly after touching $49,000 on Thursday.
Hashdex's Bitcoin ETF slumped 2.7% Friday morning, following its 1.5% gain Thursday. Grayscale Bitcoin Trust dropped 2.5%. The Fidelity Wise Origin Bitcoin Fund shed 2.3%.
BlackRock's iShares Bitcoin Trust slid 2%. Invesco Galaxy Bitcoin ETF, Wisdomtree Bitcoin ETF and VanEck Bitcoin Trust ETF fell more than 2% each.
The ARK 21Shares Bitcoin ETF, Valkyrie Bitcoin Fund and Franklin Bitcoin ETF all fell between 2% and 3%.
Meanwhile, bitcoin slipped below $45,300 Friday morning after its Thursday vault to $49,000 — its highest price since December 2021. Bitcoin spiked early Thursday during the bitcoin ETF launch but has lost its gains. It's now trading around its Wednesday levels that followed the SEC announcement.
| Proposed Bitcoin ETF fees as of Jan. 10 (Source: Bloomberg) | |||||
|---|---|---|---|---|---|
| Name | Ticker | Issuer | Fee (after waiver) | Waiver Details | Exchange |
| ARK 21Shares Bitcoin ETF | ARKB | ARK Invest & 21Shares | 0% (0.21%) | 6 months or $1 billion | CBOE |
| Bitwise Bitcoin ETP Trust | BITB | Bitwise | 0% (0.20%) | 6 months or $1 billion | NYSE |
| Fidelity Wise Origin Bitcoin Trust | FBTC | Fidelity | 0% (0.25%) | Until July 31, 2024 | CBOE |
| Franklin Bitcoin ETF | EZBC | Franklin | 0.29% | n/a | CBOE |
| Grayscale Bitcoin Trust (conversion) | GBTC | Grayscale | 1.50% | n/a | NYSE |
| Hashdex Bitcoin ETF | DEFI | Hashdex | 0.90% | n/a | NYSE |
| Invesco Galaxy Bitcoin ETF | BTCO | Invesco & Galaxy | 0% (0.39%) | 6 months or $5 billion | CBOE |
| iShares Bitcoin Trust | IBIT | BlackRock | 0.12% (0.25%) | 12 months or $5 billion | Nasdaq |
| Valkyrie Bitcoin Fund | BRRR | Valkyrie | 0% (0.49%) | 3 months | Nasdaq |
| VanEck Bitcoin Trust | HODL | VanEck | 0.25% | n/a | CBOE |
| WisdomTree Bitcoin Trust | BTCW | WisdomTree | 0% (0.3%) | 6 months or $1 billion | CBOE |
Charles Schwab announced early Thursday that ETFs were available on its platform, a public relations rep told IBD. However, some brokers including Vanguard and Merrill Lynch have opted against offering bitcoin ETFs, the Wall Street Journal reported.
Launch Day Action
Total trading volume across the 11 spot bitcoin ETFs hit $4.6 billion on Thursday, Reuters reported, dominated by Grayscale, BlackRock and Fidelity.
Still, a majority of the bitcoin ETFs lost ground during their first day of trading. The ARK 21Shares Bitcoin ETF was down 6.5% while Franklin Bitcoin ETF fell 6.2%. Valkyrie Bitcoin Fund dropped 5.7%. The Fidelity Wise Origin Bitcoin Fund, Invesco Galaxy Bitcoin ETF, iShares Bitcoin Trust, VanEck Bitcoin Trust ETF and WisdomTree Bitcoin ETF also lost ground during the day.
Grayscale Bitcoin Trust closed a fraction higher Thursday after an early jump. GBTC gained 3.8% Wednesday after the SEC announcement.
Hashdex's Bitcoin ETF rose 1.5% Thursday. DEFI stock is trading above a profit-taking zone after a late October breakout.
"The approval was successful, the launches have been successful, the fee wars have got very active in the last couple of days. And investors have a really wide variety of options when it comes to picking up bitcoin in ETF form" Andy Baehr, managing director at CoinDesk Indices told IBD. "I would chalk up any market activity that's happening today to the machinery of ETF production doing its thing, and making sure that these billions of dollars of new ETFs are properly hedged and traded."
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