Bitcoin ETFs beat Nasdaq 100 tracking QQQ, hit double as many trades on day one, BTC jumps to two year peak

■   Bitcoin Spot ETF trading volume dominated by Grayscale’s GBTC, totals at over $4.6 billion on January 11. 

■   Bitcoin ETFs left Nasdaq 100 tracking fund QQQ in the dust with nearly double the number of individual trades, at 700,000. 

■   BTC price hit a peak of $48,900 for the first time since December 2021, corrected to $46,000 on Friday.

Bitcoin Spot ETF’s received greenlight by the US Securities and Exchange Commission (SEC) on January 10. Post the approval, Bitcoin ETFs crossed $4.6 billion in trading volume. Bitcoin ETFs beat QQQ, the ETF that tracks Nasdaq 100, by double the number of trades.

BTC price climbed to $48,900 on Thursday, for the first time since December 2021. The BTC price rally was likely catalyzed by interest generated among market participants following the ETF approval and its trade. 

Daily Digest Market Movers: Bitcoin ETF trades explode, Grayscale captures giant share

Bitcoin ETFs completed over $4.6 billion in trade volume on their first day. 

Grayscale captured nearly half the trade volume, however, Bloomberg ETF analyst, James Seyffart attributes this to entities selling their GBTC shares for other ETFs, in lieu of fees and other factors. 

ETF issuers are competing in the Cointucky Derby, slashing their fee to attract more traders and capture a larger market share. 

Bitwise Invest currently offers the lowest fee at 0.2%, compared to the rest of its competitors. 

Bitcoin Spot ETFs lagged when compared to QQQ, the ETF that tracks Nasdaq 100, in terms of volume.

However, in the number of trades, it recorded nearly double the number, at 700,000, as per Bloomberg’s Senior ETF analyst Eric Balchunas. 

Greekslive ambassador behind the X handle, @4adybug says the Bitcoin ETF inflow was at a reasonable level for day one with neither too much nor too little, in line with expectations. 

The ETF approval makes the US time zone more important than the futures market, according to the crypto expert and Bitcoin price is likely to remain rangebound between $48,000 and $53,000. 

Technical Analysis: Bitcoin price hits two-year peak, $45,000 level remains key

Bitcoin price hit a two year peak crossing the $48,900 level for the first time since December 2021. This makes the $45,000 level an important area for BTC. @4adybug says that in the event that Bitcoin slips below this level without a quick recovery, it can be considered a signal that the trend is changing. 

If Bitcoin price sustains above $45,000 and moves sideways, it opens up opportunities for altcoin trades. 

Bitcoin gains are likely capped at the 61.8% Fibonacci Retracement level of the asset’s decline between November ‘21 and ‘22. BTC price could therefore rally towards its $49,400 target before a pullback. 

BTC/USDT 1-day chart