**BTC Price Surges as BlackRock’s IBIT Trades $7.5M Shares in First 10 Minutes**

Summary:
Bitcoin’s price surged to above $48,000 as the market opened to welcome the first trading day of spot Bitcoin ETFs in the US. BlackRock’s Bitcoin ETF ($IBIT) quickly made its mark by trading $7.5 million shares within the first 10 minutes.

Bitcoin (BTC) price surged to above $48,000 again on Thursday as spot Bitcoin ETFs made their market debut following SEC’s approval on January 10, 2024. BlackRock’s Bitcoin ETF ($IBIT) traded $7.5M shares within the first 10 minutes as spot ETFs roared into the ecosystem.

The benchmark cryptocurrency’s price was up 8.8% to $48,875 at the time of writing, with a market capitalization of about $950 million. This price surge coincided with a stellar start to Bitcoin ETFs trading as BlackRock’s IBIT recorded an impressive $7.5 million traded shares within the first 10 minutes of going live.

### BlackRock’s $IBIT on fire
BlackRock’s IBIT, with over $292 million in shares, was on track to surpass $1 billion as volume outpaced the record set by the ProShares Bitcoin Strategy ETF (BITO) in October 2021. Other Bitcoin ETFs, including Grayscale’s GBTC, Ark Invest’s ARKB, and Fidelity’s FBTC, were also heating up as trading showed demand could pick up as momentum builds. ETF analyst Eric Balchunas noted that almost all the volume in the first few days will convert to inflows.

“While focus has been on bitcoin, a big takeaway is that ETFs continue to show they can handle just about anything,” Balchunas noted. He also expected the tightening of spreads and prem/disc in the US over time as seen in the trading profile of spot Bitcoin ETFs in Europe.

As the ETFs market heats up on the debut day, the uptick in BTC price has market observers pointing to a potential continuation. With the sell-the-news idea likely not materializing, Bitcoin could retest the $50k level before accumulating at support levels for a new leg. The upcoming BTC halving is another huge catalyst waiting in the wings, which analysts say could combine with overall bullish sentiment to catapult prices beyond $100k in 2024.

**FAQ**

Q: What caused the surge in BTC price?
A: The surge in BTC price was attributed to the market opening to welcome the first trading day of spot Bitcoin ETFs in the US.

Q: Which Bitcoin ETF made an impressive start in trading?
A: BlackRock’s Bitcoin ETF ($IBIT) made an impressive start by trading $7.5 million shares within the first 10 minutes of going live.

Q: What are the predictions for Bitcoin’s future price movement?
A: Analysts predict that Bitcoin could retest the $50k level before accumulating at support levels for a new leg, and the upcoming BTC halving combined with overall bullish sentiment could potentially catapult prices beyond $100k in 2024.