Spot Bitcoin ETF volumes exceed   $10 billion as GBTC sales delay.

Despite the obstacles in BTC prices over the last week, analysts agree that Bitcoin ETF volumes show no signs of stopping. three days after their US launch, spot Bitcoin exchange-traded funds (ETFs) experienced eight-figure trading volumes.

According to information that analyst James Seyffart of Bloomberg Intelligence published to X, spot ETF volumes have surpassed $10 billion as of January 16.

Spot Bitcoin ETFs defy ETF conventions

Since its launch on January 11, the newest Bitcoin ETFs have generated controversy, even though frantic trading activity hasn’t increased the price of BTC. Because of this, some people are cautious, but Eric Balchunas, a fellow Bloomberg analyst, contends that the unvarnished numbers speak for themselves.

He remarked on Seyffart’s tweet, saying, “Let me put into context how shocking $10b in volume is in first 3 days.”

“In 2023, 500 ETFs were introduced. They completed a $450 million COMBINED volume today. The finest one brought in $45 million.And it has taken months for many to get going. More activity is being seen on $IBIT alone than the whole ’23 Freshman Class.”

The image still depicts sales from the Grayscale Bitcoin Trust (GBTC), which recently converted to an ETF, in terms of net inflows and outflows.BitMEX research data indicates that BlackRock’s iShares Bitcoin Trust (IBIT) has had the most net gains, rising $700 million in just three days. In contrast, GBTC has experienced net outflows of almost $1.1 billion, a pattern that is thought to be the result of investors switching between ETFs because of their higher fees. 

Samson Mow, the CEO of Jan3, forecast a return to ETF equilibrium after a period of instability following the debut.

Jan. 13: “Everything needs time to recalibrate,” he informed X subscribers.

“GBTC sell pressure won’t be a long drawn out process. Many just cannot sell because the tax hit is too big, and eventually Grayscale must capitulate on the fees. This is likely to be sooner rather than later.”

BTC price range still king

 However, some predict that the price of Bitcoin will rise in the interim beyond the well-defined trading range that has been in place since the beginning of December 2023.

 There are still others who lack confidence in Bitcoin’s potential to prevent another collapse, even though some people are still optimistic about the resilience of the market at $43,000.

Despite a short-term surge, well-known social media trader JT expressed doubt about the weekly chart, saying he “still sees room to fall.”

“We can reevaluate once we reach the bottom of the long-standing range.”

 According to statistics from Cointelegraph Markets Pro and TradingView, $41,500 has created the floor for January price movement, with repeated challenges since the beginning of 2024.