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The First 5 Days
The Bitcoin spot ETF launch was one for the history books. By all accounts, it was the largest launch of an ETF product in history, beating out the previous record set by the Proshares Bitcoin Strategy ETF (BITO) launch in October 2021. First-day trading volume was huge at $4.6 billion, and it has remained relatively strong compared to typical post-launch declines of other products. We can be confident in the volume numbers, unlike the inflows. After the first two days of trading, the market was left wondering about flows because the data provided by TradFi was delayed and incomplete. Experts, such as Eric Balchunas of Bloomberg, said it was normal to have delays in reporting of flows by as much as T+3 (three days after). Bit
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