Eleven spot bitcoin exchange-traded funds (ETFs) blasted onto the market on Thursday morning. 

According to market statistics analyzed by Blockworks, total trading volumes for BlackRock, Fidelity, and Grayscale products surpassed $1 billion in the first half hour of trading.

According to Yahoo Finance data, BlackRock's iShares Bitcoin Trust (IBIT) saw the highest trading volumes, with about 10 million shares exchanged in the first fifteen minutes following the bell. By 10:00 am ET, investors had exchanged over 13.5 million IBIT.  

At that point, around 5 million shares of the Grayscale Bitcoin Trust (GBTC), which had just been converted to an ETF, and the Fidelity Wise Origin Bitcoin Fund (FBTC) had traded.

Around 1.7 million shares, or $86 million, were traded in the spot bitcoin ETF by Ark Invest and 21Shares at 10 am ET, with all other funds following significantly.

Bitcoin ETF competitors Grayscale and BlackRock appear to be on the rise.
After fluctuating slightly on the approval news itself on Wednesday night, the market uproar drove up the price of bitcoin, which on Thursday exceeded $49,000 for the first time since 2022. 

Before the trading session began, the volume of bitcoin traded on cryptocurrency exchanges set a nearly 10-month high, surpassing $52 billion in New York soon after 7 a.m., according to CoinGecko data. 

Ether saw a surge as well, rising to trade at over $2,600 and ending a run of losses to close the year in the black. From the beginning of 2024, the price of ETH has increased by more than 17%. 

Launched in October 2021, the ProShares Bitcoin Strategy ETF (BITO) was the first bitcoin futures ETF. On its first day of trading, it had about $950 million in total trading volume, and in two days, it had $1 billion in assets under management. 

More recently, a study of Yahoo Finance data at the time revealed that day one volumes for the six ether futures ETFs that launched in October totaled about $2 million.