A prominent Bloomberg analyst says Bitcoin (BTC) exchange-traded funds (ETFs) – which only launched in January – are seeing more individual trades than the two largest ETFs in the stock markets.
In a new thread, Bloomberg senior ETF analyst Eric Balchunas says tells According to its 243,600 followers on social media platform
“This is [a] wild stat: There were more individual trades in the Bitcoin ETFs yesterday than in SPY or QQQ. And this is before they have options and/or are available on many advisory platforms. Definitely given a big retail component [the] size of trade. Taller [than] I estimated it.”
According to Balchunas, the majority of transactions were on the small side and only a handful of transactions occurred managed to reach at least $1 million, indicating that retail traders are largely lagging behind volume on Bitcoin ETFs.
“I’ll try to dig into it later, but at first glance you’ll see a few $10 million transactions. A dozen $1 million copies, and for the vast majority of them it breaks down into small sizes. Something like that.”
Balchunas continues agree with Bitwise Invest CEO Hunter Horsely assessing that the launch of BTC ETFs was essentially Bitcoin’s “initial public offering (IPO) moment.”
“’Bitcoin ETFs were Bitcoin’s IPO moment, now available to any investor at the click of a button.’
This is what I’m trying to say to the underwhelmers. I can’t emphasize enough how easy, cheap and standardized ETFs make things, in this case the fact that they do [are] ‘regulated’ is the icing on the cake.”
Bitcoin is trading at $63,842 at the time of writing, up 11.69% over the past 24 hours.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Featured image: Shutterstock/Amin Zeinoddini/Sensvector