The first day of trading for US-based spot bitcoin exchange traded funds saw investors buying and selling shares among ten SEC approved funds. The largest bitcoin fund, Grayscale Bitcoin Trust, saw the most shares change hands with volume surpassing $2 billion. The appearance of the new ETFs did not cause a lack of supply for any new demand linked to the funds, as bitcoin barely budged during the New York trading day. Grayscale may have been targeted by investors for outflows due to its 1.5 percent expense ratio, which is steep in comparison with the fees of other new funds.