After trading for the first time…Valkyrie’s Bitcoin futures ETF drops in value
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Answer After trading for the first time…Valkyrie’s Bitcoin futures ETF drops in value
On Friday, Valkyrie launched the Nasdaq bitcoin futures ETF fund, under the symbol “BTF,” plummeting in value shortly after it first started trading.
The launch of the second Bitcoin “ETF” in the United States of America came after the movements of the spot Bitcoin prices on Friday, their volatility and retreat from their highs, and the Bitcoin ETF of “Valkyrie” was also affected as it started trading above $ 25 to drop to just over the $ 24 level.
Initial market performance of “BTF” compared to the first “Bitcoin ETF”:
The Valkyrie Bitcoin Futures ETF was officially launched on Friday and reached $25.60 per unit around 9:00 AM (EST).Read:Huobi allocates $100 million to facilitate adoption of Metaverse technology
Eric Balchonas, chief ETF analyst at Bloomberg Intelligence, tweeted about the Valkyrie ETF after the first few minutes of trading, stating:
BTF is working with $10 million traded in the first five minutes.
While BITO has reached $30 million.
You should be happy with this spread if you are a BTF, it will be hard to keep up.
BTF stock fell in value as it followed the spot price of bitcoin falling ahead of the weekend.
Then it rose slightly above the $24 level.
Proshares BITO also followed the spot market price of bitcoin and fell just below $40 to $39.39, down 3.5%.
Spot markets for Bitcoin also fell from $63,735 to $61,085.
Expect Vaneck’s Bitcoin Fund to Depreciate on Monday as well:
Bitcoin managed to jump back above the average of $60,000 per position during Friday afternoon trading sessions.
A large number of Bitcoin fans were excited to see the launch of the Valkyrie Bitcoin futures ETF after the Proshares ETF saw an exceptional performance in the market last week.Read:A Crypto User Loses Over $100K in Bitcoin…This Is Why!
After the weekend is over, the crypto community next week anticipates the launch of the ETF’s “Vaneck” on Monday.Read:El Salvador legislature approves legalization of Bitcoin as legal tender
After years of rejection by the US Securities and Exchange Commission (SEC), there will be three Bitcoin-linked ETFs on Wall Street.
With the Vaneck Fund, two ETFs will be listed on the New York Stock Exchange (NYSE) while the Valkyrie Company’s fund is listed on the Nasdaq.
Just before the closing bell on Friday, the “Valkyrie” Bitcoin ETF managed to climb above the $24.30 region.
BTF’s rally at the end of the trading day on Friday followed a jump in the spot bitcoin price, after bitcoin surged from the $60,600 level to $61,150 per unit.
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