Spot BTC ETF trading volume surges as Bitcoin smashes through $49k
Bitcoin experienced a significant surge in price on the first day of trading for spot BTC ETFs, just hours after receiving approval from the SEC. On January 11, the price of Bitcoin reached $49,000, marking its highest point since December 2021. The spot BTC ETFs were made available on major U.S. exchanges such as Nasdaq, NYSE, and CBOE.
This surge resulted in a nearly 10% increase in Bitcoin’s price, bringing its market capitalization close to $1 trillion. However, the price of BTC had retraced slightly at the time of writing due to expected market volatility following the excitement surrounding the approval of spot BTC ETFs.
As previously reported by crypto.news, Bitcoin has a clear path to surpass $55,000 and potentially reach its all-time high of $69,000 if the $48,000 range is established as a support level. Currently, Bitcoin is only 31.1% away from its all-time high.
After years of resistance from the SEC, the regulator finally authorized issuers to list spot Bitcoin ETFs on January 10. The approval document included 11 issuers, such as ARK 21Shares, BlackRock, Bitwise, and VanEck. Trading volume reached hundreds of millions, although there was no consensus among market observers regarding the actual value of trading into these BTC ETFs.
In the first 20 minutes alone, over $500 million was reportedly traded across spot BTC ETFs, excluding Grayscale’s GBTC. Some sources even suggested that the figure could be higher, with estimates exceeding $2 billion.
In light of the SEC’s approval, a Hong Kong lawmaker has advocated for the swift adoption of spot Bitcoin ETFs, following the lead of the United States.
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