©Reuters.
NEW YORK – The financial industry takes a major step forward with the launch of bitcoin spot Exchange-Traded Funds (ETFs), marking a notable shift in the regulatory landscape. The recent approval from the Securities and Exchange Commission (SEC) has led to a surge of activity in the market, with large financial institutions such as Invesco, Fidelity and BlackRock (NYSE:) quickly entering the competition game.
BlackRock’s Bitcoin spot ETF, known as IBIT, saw remarkable trading volume in its debut, with $7.5 million worth of shares traded. The sector’s enthusiasm was confirmed by the substantial inflow of capital from pension funds and insurance companies, which contributed $500 million during the first day of trading.
Bitcoin itself reacted to the news, with its price momentarily reaching $49,000, before stabilizing at a slightly lower level of $46,000. This movement reflects the market’s anticipation of supply pressures following the launch of ETFs.
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