Grayscale’s spot Bitcoin ETF sold more than 27,000 BTC in the first days of trading, but other issuers bought 40,000 BTC combined.
The historic launch of spot Bitcoin (BTC) exchange-traded funds (ETFs) in the United States has triggered a sell-off in crypto, but in the ETF industry, the funds have been successful in the first week of trading, analysts agree.
Since the first day of spot Bitcoin ETF trading on Jan. 11, Bitcoin has tumbled 6.6% from nearly $49,000 to $42,876 at the time of writing, according to data from CoinGecko. The sharp decline came mostly in the first two days of trading, while the intra-week low was $41,753.
Despite spot Bitcoin ETFs failing to fuel a BTC price spike in the first week of trading, which was expected by some prominent investors the funds themselves have seen a successful start so far, according to industry analysts.
