New Bitcoin ETFs See More Individual Trades Than the Two Leading Stock ETFs: Bloomberg Analyst
A prominent Bloomberg analyst says Bitcoin (BTC) exchange-traded funds (ETFs), which debuted in January, are seeing more individual trades than the two largest ETFs in the stock market.
In a new thread, Eric Balchunas, senior ETF analyst at Bloomberg, shares with his 243,600 followers on the social media platform
“That is [a] Wild statistic: Yesterday there were more individual trades on Bitcoin ETFs than on SPY or QQQ. And that’s before they have options and/or are available on many advice platforms. Definitely a big retail component [the] Size of the shops. Greater [than] I appreciated it.”
According to Balchunas, most transactions were on the smaller side and only a handful of transactions managed to reach at least $1 million, suggesting that retail traders are largely behind the volume of Bitcoin ETFs.
“I'll try to go into more detail later, but at first glance you can see it's a couple of $10 million trades. About a dozen copies worth about $1 million, then the majority of them come to small sizes. So similar.”
Balchunas further agrees with Bitwise Invest boss Hunter Horsely’s assessment that the launch of BTC ETFs was essentially Bitcoin’s “IPO moment.”
“'Bitcoin ETFs were the moment Bitcoin went public and are now available to every investor at the click of a button.'
That's what I tried to tell the Underwhelmers. I can't emphasize enough how simple, cheap and standardized ETFs are, in this case the fact that they are [are] 'Regulated' is the icing on the cake.”
Bitcoin is trading for $63,842 at the time of writing, up 11.69% in the last 24 hours.
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