US bitcoin ETFs make splash in debut, marking crypto milestone

The long-awaited launch of the first United States exchange-traded funds (ETFs) investing directly in Bitcoin has finally taken place. This event has been marked as a significant milestone in the digital-asset industries over a decade-long campaign for recognition and mainstream acceptance. The nearly a dozen ETFs come from investment heavyweights like BlackRock Inc. and Fidelity Investments.

On the first day of trading, approximately US$4.6 billion of shares were traded, with industry supporters seeing the ETFs as a catalyst for further gains and broader adoption by everyday investors. No matter where you look, it’s superseded expectations, said Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.

In the day’s trading, Bitcoin’s value surged past US$49,000 before settling back to US$46,075 as of 9.30pm in New York. Other major tokens had mixed results as speculators…