The second day of trading for the new Bitcoin ETFs saw significant activity with volumes nearing $900 million. Grayscale Bitcoin Trust (GBTC) and Bitwise stood out with remarkable performances. GBTC's volume soared to $1.2 billion, while Bitwise attracted $237.9 million and Fidelity Advantage Bitcoin ETFs attracted $227.0 million. Other ETFs also reported healthy inflows. BlackRock's iShares Bitcoin Trust led the second day with $401.6 million, followed by FBTC with $291.0 million. Despite the bullish trend, Cathie Wood of ARK Invest predicts that only three to four out of the eleven ETFs will survive long-term market pressures.

The second day of trading for the new Bitcoin exchange-traded funds (ETFs) saw volumes nearing $900 million at press time. Eric Balchunas, senior ETF analyst with Bloomberg, highlighted that the figures on Friday significantly outpaced the opening day.    The group of newly launched ETFs, referred to by Balchunas as the "Nine Newborns," have captured the attention of investors, with trading volumes suggesting a healthy appetite for Bitcoin-linked financial products. The Grayscale Bitcoin Trust (GBTC), in particular, saw its volume soar to $1.2 billion on its own. On day one, the flows were roughly negative $95 million for the fund.  Bitcoin ETF flow report card  For day one, the standout players were Bitwise and Fidelity Advantage Bitcoin ETFs. The former attracted $237.9 million, and the latter attracted $227.0 million. Following behind, other ETFs like ARKB and IBIT reported healthy inflows as well, while others collectively drew in smaller amounts.    The trading data on the second day uplifts the flow of the initial day. This can reflect a responsive market that was quick to correct.    On the second day, trading activity ramped up, with total volumes hitting nearly $900 million, excluding GBTC. BlackRock's iShares Bitcoin Trust led the day with $401.6 million, followed by FBTC with a strong showing of $291.0 million.    https://twitter.com/EricBalchunas/status/1745869555660881999  Not everybody would survive  The flow report provides a bullish trend after the anticipated launch day. Meanwhile, Balchunas notes that GBTC might accumulate more positive flow by day end.    Cathie Wood, CEO of Ark Invest, recently made consolidation projections for the Bitcoin ETF products. Wood said that she sees only three to four out of the eleven ETFs as likely to withstand market pressures and persist in the long term.    To survive, these funds must not only attract substantial inflows but also maintain a competitive edge. This should come while making enough revenue with the ETPs.

Bitcoin ETFs Experience High Trading Volume on Second Day; GBTC and Bitwise Shine