Day1: 11 Bitcoin ETFs approved and more than $4.6bn trading volume !

4 months ago

Hi HODLers, Hiveans and Lions,

What an eventful week for Bitcoin and the CryptoMarket in general! Yesterday, the SEC with a 3 to 2 votes approved 11 Spot #Bitcoin ETFs. Fees on these ETFs range from 0.2% to 1.5% as the different firms compete for market share.

On their first day of trading, these ETFs saw more than $4.6bn worth of trading which is a very good number.

My view is that we need to get more than $10bn in AUM in these ETFs by month-end to be a success. I have done my part and bought a small position in one of these.

Some Wall Street Firms are still resisting!

As you have probably seen on Twitter, there has been a bit of backlash against Vanguard, one of the leading ETF provider.

Firstly, they did not build and offer their own BTC ETF but on top of this, they have been vocal that:

"Vanguard will not offer Bitcoin ETF as it does not align with its values". It also seems that Vanguard and Merill Lynch have been preventing their clients to buy into these products.

Some US Employees have taken their discontent to Twitter and shared some screenshots of their orders to move their 401k (retirement plans) to Fidelity or other providers to buy Bitcoin ETFs