Bitcoin Spot ETF Records $3.1 Billion in Trading Volume on Second Day – BTC Prices Continue Decline

In the second day of trading for Bitcoin spot ETFs (Exchange-Traded Funds), the market continued to demonstrate remarkable activity despite a slight decrease compared to the initial day. According to data from The Block, the trading day of the second Bitcoin spot ETF (12/01 – US time) witnessed a substantial trading volume of $3.1 billion USD on various US stock exchanges. Although this volume was lower than the $4.6 billion USD recorded on January 11, it still underscores significant demand for these products, with a total trading volume for the first two days reaching an astonishing $7.7 billion USD.

Trading volume statistics for Bitcoin spot ETF in the first two days | Source: The Block

Leading the pack on the second trading day was Grayscale’s GBTC with a trading volume soaring to $1.8 billion USD, followed by BlackRock’s IBIT and Fidelity’s FBTC with trading volumes of $563 million USD and $431 million USD, respectively. However, a significant portion of GBTC’s trading volume on January 11 was marked by sell-offs or conversions to other products, evident from the outflow figures reaching $95 million USD. It also stands out as the only ETF with negative cash flow recorded on the first day of Bitcoin ETF trading.

Analysts suggest that a similar trend is repeating on January 12. While exact figures are yet to be confirmed, preliminary statistics indicate a potential outflow from GBTC on the second trading day nearing half a billion USD. In the past 12 hours, Bitcoin prices have plummeted over 8%, dropping from $45,900 USD to $41,500 USD, as profit-taking sentiments set in following the dominance of Bitcoin spot ETFs in the market.

Furthermore, reports indicate that Grayscale has moved 4,000 BTC to Coinbase to facilitate the conversion of GBTC shares back to physical BTC, triggering a significant market sell-off on the evening of January 12. In the past 12 hours, nearly $280 million USD in derivative orders have been liquidated, with long positions accounting for 85.6%. BTC represents almost half of the liquidated value, amounting to $112 million USD, followed by ETH at $62 million USD, with the remainder distributed among various altcoins.

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