Bitcoin exchange-traded funds (ETFs) make a massive impact on Wall Street: A staggering $4.5 billion traded within 24 hours.

Several newly launched Bitcoin exchange-traded funds (ETFs) had a strong start on their inaugural trading day, with a combined trading volume of over $4.5 billion across ten spot Bitcoin ETFs. BlackRock’s iShares Bitcoin ETF (IBIT) led the way with over $1 billion in volume, representing 22% of the total volume for the listed funds. Fidelity’s spot Bitcoin ETF (FBTC) closely followed, accumulating approximately $685 million in trading volume on day one, indicating significant investor interest.

Grayscale’s Bitcoin ETF (GBTC) also performed well, recording an impressive total volume of $2.2 billion, reflecting the conversion of its existing Grayscale Bitcoin Trust. The ProShares Futures Bitcoin ETF (BITO) made waves with record-breaking trading activity, surpassing $2 billion in total volume.

Bloomberg analysts and James Seyffar suggest that a significant portion of GBTC’s trading volume may involve selling, as investors potentially shift to newer and more cost-effective offerings such as BlackRock’s and Fidelity’s ETFs.

In terms of trading volume, both BITO and GBTC ranked in the top 10 among overall ETFs, while IBIT and FBTC made it into the top 25, showcasing the significant impact of these ETFs. It is worth noting that ethereum futures ETFs only achieved a trading volume of $2 million.

Hashdex, unfortunately, missed the opportunity to be listed among spot Bitcoin ETFs due to the SEC’s approval of its 19b-4 filing, resulting in the fund trading as a futures-based ETF without holding any spot Bitcoin.

On the first day of the spot Bitcoin ETFs’ launch, there were a staggering 700,000 individual transactions, with a total trading volume of $4.33 billion. This included GBTC at $2.09 billion, IBIT at $1.01 billion, FBTC at $673 million, and ARKB at $673 million. BITO contributed $1.87 billion in trading volume. Additionally, investment manager Timothy Peterson estimated that the significant buying activity across these ETFs would require the purchase of approximately 47,000 Bitcoin, valued at $2.1 billion at current prices, on the spot market.

The high trading volume of the ProShares Futures Bitcoin ETF, surpassing $2 billion, indicates a notable shift in the market from futures-based Bitcoin exposure to more cost-effective and less volatile spot-based exposure.

Although the true impact of these ETFs on underlying Bitcoin purchases may take some time to become evident, the elevated level of individual transactions and overall trading volume on the first day highlight the heightened interest and participation of investors in these newly listed Bitcoin ETFs.