Bitcoin ETFs surpass $4B in trade volume while BTC’s price falters 

Bitcoin ETFs are here, and, so far, bitcoin is not winning

article-image

icon0 com/Vecteezy and Adobe modified by Blockworks

share

Spot bitcoin ETFs made their public market debut in the US Thursday, raking in more than $4 billion in trading volume and sending cryptocurrency prices and related stocks all over the map. 

Bitcoin (BTC) hovered around $46,400 at the close, down about 5% from its Thursday high where it briefly topped $49,000 just after the new 11 ETFs hit the market. 

The largest cryptocurrency remains up 10% since the start of the year. 

BlackRock’s IBIT emerged as the winner in terms of day-one trading volume, surpassing $1 billion just before the close Thursday. Shares ended the day around 5% lower, at $26.63, but were trading flat in after-hours. 

Read more: Spot bitcoin ETFs surpass $1B in trade volumes after first 30 minutes

Coinbase, which serves as the custodian for 9 of the 11 new products that launched Thursday, saw its shares dip on the debut. COIN lost close to 7%, closing at $141 and putting its year-to-date returns at negative 19%. 

Business intelligence firm MicroStrategy and crypto mining company Marathon Digital also tumbled during Thursday’s session, closing 5% and 13% lower, respectively. 

Ether (ETH) emerged as an early winner in the bitcoin ETF saga, gaining as much as 8% Thursday and putting its weekly gains at 13% higher. It’s a sign, analysts say, that traders may be betting on the US Securities and Exchange Commission greenlighting ether ETFs soon, but commission comments and historical precedent do not bode well. 

Read more: Spot bitcoin ETF trading volumes surpass $2.6B

Ether futures ETFs hit the market in October 2023, two years after bitcoin futures products were cleared by the SEC. The securities regulator already has received spot ether ETF filings and could issue responses as early as May, but commissioners are likely to extend the review period. 

SEC Chair Gary Gensler’s Wednesday statement makes it clear that while he did vote in favor of the approval, he is in no way supportive of cryptocurrencies as a whole. 

“Though we’re merit neutral, I’d note that the underlying assets in the metals ETPs have consumer and industrial uses, while in contrast bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing,” Gensler wrote


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Content Delivery Networks (CDNs) represent low-hanging fruit in a massive market ripe for Web3-driven disruption. The global CDN market was valued at ~$28B in 2024, and is projected to surpass $140B by 2034, (18.75% CAGR) underscoring the immense demand for efficient content delivery.

article-image

“Be your own bank” meets “be your own DJ”

article-image

Dragonfly’s Haseeb Qureshi and 6MV’s Mike Dudas discuss the recent “staid and rational” behavior of crypto markets

article-image

Crypto is a business — and it might be winner-takes-most

article-image

How a political refugee turned NFT trader is giving back to his alma mater

article-image

July 9 is approaching. Here are the deals on the table (that we know of)

article-image

The trading app will appear on jerseys and in a dedicated financial web series as part of its EU crypto expansion