CORRECTION: (Jan. 11, 20,24, 16:11 GMT): In an earlier version of the story, there was a mistake in the ranking.

Bitcoin ETFs are awaited with great anticipation. The ETFs were approved by the U.S. government on Wednesday, and trading began Thursday.

According to data published on X by Bloomberg Intelligence Analyst James Seyffart, the Grayscale Bitcoin Trust, an incumbent product that has been around for years, but in a format less desirable, had the highest volume of $2.3 billion.

BlackRock’s iShares Bitcoin Trust, or IBIT, came in second with $1 billion. Fidelity Wise Origin Bitcoin Fund, or FBTC, was third at $712 millions.

The total volume of the sale exceeded $4.6 billion.

Bloomberg analyst Eric Balchunas explained this in an post. GBTC was introduced in 2013 and is the largest bitcoin investment fund. It has been converted from a closed end structure to an ETF after receiving regulatory approval on Wednesday.

He added that the 10 newly launched ETFs are generating volume from investors.

ProShares futures-based Bitcoin ETF (BITO), on the other hand, amassed a volume of $1 billion in its first day. This was October 2021. Balchunas noted that the largest first-day volume for an ETF launch ever was $2.1 billion.

After a decade of trying to gain regulatory approval, the U.S. has been eagerly anticipating Bitcoin ETFs which can hold the underlying asset directly (instead of the bitcoin futures-based ETFs such as BITO approved by 2021).

Click here to read the full article on bitcoin ETFs.

BTC Price Index and Live Chart – CoinDesk”>(BTC) topped $49,000, hitting a fresh two-year high during the day as the ETF trading frenzy commenced, then sold off, dropping to $46,000.

UPDATE: Jan. 11, 2024 at 18:14 UTC: Updates volumes, adds analyst comments and bitcoin price movement.

UPDATE: (Jan. 11, 20,24, 22.40 UTC) Updates based on end-of-day data.

Nick Baker is the editor.