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Bitcoin exchange-traded funds began trading on U.S. exchanges for the first time on Thursday, as investors piled into the most popular cryptocurrency, Bitcoin (BTC-USD), and other major tokens.
The largest and oldest token (BTC-USD) Increase 2.5% To 46.7 thousand dollars It's 10:52 a.m. ET, after hitting a high of $49,000 — the highest since December 2021 — early in the session. As such, most new Bitcoin ETFs posted losses after briefly rising out of the gate.
Among the ETFs that declined in early trading are: iShares Bitcoin Trust (Nasdaq: EBIT) -1.7%Valkyrie Bitcoin Fund (Nasdaq: Brrr) -2.1%ARK 21Shares Bitcoin ETF (Bat:ARKB) -3.4%Invesco Galaxy Bitcoin ETF (Bat: Petco) -0.2%Van Eck Bitcoin Trust (Bat: Hodel) -1.6%Fidelity Wise Origin Bitcoin Fund (Bat: FBTC) -1.7%and Franklin Bitcoin ETF (Bat: EZBC) -3.1%.
For winners, Bitwise Bitcoin ETF (NYSEARCA:BITB) rose 5.8%Grayscale Bitcoin Trust (OTC:GBTC) Profit 1.7% WisdomTree Bitcoin Fund (Bats: PTCW) Extract a 0.1% rise.
The fluctuations come after the US Securities and Exchange Commission's long-awaited approval of 11 Bitcoin spot exchange-traded funds, which represents a new milestone in the broader cryptocurrency space. Investors will be watching the volume of inflows into new funds, which are widely expected to lead to higher demand for Bitcoin.
“In the short term, the approval will attract new investors and broader adoption, leading to a greater inflow of funds through institutions and significant investment flows from anchor investors,” said Eugene Abongana, an analyst at dappGambl.
“In return, we believe this will help increase confidence in Bitcoin, attract more small investors and push the price overall to new heights in the long term,” he added.
How well Bitcoin ETFs track the underlying assets (i.e. Bitcoin) and Bitcoin futures is another issue that market participants will pay attention to.
Bitcoin Futures ETF: ProShares Bitcoin Strategy ETF (BITO) +1.3%VanEck Bitcoin Strategy ETF (XBTF) +0.8% The Hashdex Bitcoin Futures ETF (DEFI) +2.8%.
More about the beneficial interest of ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, etc.
