tl;dr
Spot bitcoin exchange-traded funds began trading on U.S. exchanges for the first time, creating a surge in investor interest in cryptocurrencies like bitcoin and other major tokens. As a result, the biggest and oldest token, BTC-USD, saw a 2.5% increase to $46.7K, reaching as high as $49K early in t...
Spot bitcoin exchange-traded funds began trading on U.S. exchanges for the first time, creating a surge in investor interest in cryptocurrencies like bitcoin and other major tokens. As a result, the biggest and oldest token, BTC-USD, saw a 2.5% increase to $46.7K, reaching as high as $49K early in the session - the highest level since December 2021. However, despite the initial excitement, most new bitcoin ETFs saw losses soon after their debut, with only a few gaining ground.
Among the ETFs that declined in early trading were iShares Bitcoin Trust (IBIT), Valkyrie Bitcoin Fund (BRRR), ARK 21Shares Bitcoin ETF (ARKB), Invesco Galaxy Bitcoin ETF (BTCO), VanEck Bitcoin Trust (HODL), Fidelity Wise Origin Bitcoin Fund (FBTC), and Franklin Bitcoin ETF (EZBC). Conversely, Bitwise Bitcoin ETF (BITB) climbed 5.8%, while WisdomTree Bitcoin Fund (BTCW) eked out a 0.1% rise. The swings in trading came following the U.S. Securities and Exchange Commission's approval of 11 spot bitcoin exchange-traded funds, marking a significant milestone for the broader cryptocurrency market.
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