A Bloomberg analyst has revealed that Bitcoin (BTC) exchange-traded funds (ETFs), which debuted in January, have witnessed a surge in individual trades, surpassing the top two ETFs in the stock market.
Retail Traders Dominate
According to Eric Balchunas, a senior ETF analyst at Bloomberg, Bitcoin ETFs have outperformed both the SPY and QQQ ETFs in terms of individual trades, even before options contracts become widely available.
“This is a wild stat: there were more individual trades yesterday in the Bitcoin ETFs than there were in SPY or QQQ,” Balchunas tweeted. “And this is before they have options and/or are available on many advisory platforms.”
Balchunas noted that the majority of transactions were relatively small, with only a few exceeding $1 million, indicating that retail traders are driving the volume in Bitcoin ETFs.
Bitcoin’s “IPO Moment”
Balchunas echoed the sentiments of Hunter Horsely, CEO of Bitwise Invest, who described the launch of BTC ETFs as Bitcoin’s “initial public offering (IPO) moment.”
“Bitcoin ETFs were Bitcoin’s IPO moment, now available to any investor with the click of a button,” Horsely said. “Can’t overstate how easy, cheap, standardized ETFs make stuff, in this case the fact they [are] ‘regulated’ is the cherry on top.”
Bitcoin Price Surge
At the time of writing, Bitcoin is trading at $63,842, marking an 11.69% increase over the past 24 hours.
