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Mixed Reception to ETF Debut

An early BTC surge was reversed despite substantial trading volumes

Jack Inabinet
Jan 11, 2024 • 1 min read

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It’s the first day of spot BTC ETFs trading and Bitcoin is now more accessible than ever, but price is trending downward on the day. What gives with BTC’s lackluster performance?

Spot Bitcoin ETF trading volumes quickly crossed the $1.2B mark during the first 30 minutes of trading, with euphoria leading up to Wall Street’s open helping to propel Bitcoin to new cycle highs of $49k.

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Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.