Market observers: The billions of trading volume brought by Grayscale's Bitcoin ETF is likely driven by sellers

The first day trading volume of the Bitcoin ETF was about $4.6 billion, but with significanT price fluctuations, market volatility has hit futures speculators hard. As prices rose, both long and short bets on Bitcoin futures quickly retreated due to liquidation impacts totaling $80 million.

Market observers suggest that the hundreds of millions in trading volume brought by Grayscale's Bitcoin ETF were likely driven by sellers. The decline in Bitcoin triggered similar price trends in other futures products, resulting in a total liquidation loss exceeding $230 million. This means that despite overall market stability over the past 24 hours, traders suffered heavy losses.