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Cryptoknowmics
2022-01-14 08:00:43

Bitcoin ETF Launch Hype Dwindles as Funds Slide in Worth

Because several bitcoin ETF applications were declined before 2021, a big segment of the cryptocurrency community has been anticipating the introduction of the first bitcoin exchange-traded fund (ETF) for years. The Slump in Bitcoin Futures ETFs Continues Finally, after the first US bitcoin futures, ETF was approved, Proshare’s bitcoin futures ETF debuted with a bang, grabbing about $1 billion in total volume in its first 24 hours. Months later, on January 13, 2022, the Proshares Bitcoin Strategy ETF (BITO) is trading for $26.96, down 39.12 percent from its November 10, 2021 peak of 44.29. In mid-November, Bloomberg contributor Katherine Greifeld stated that the ‘bitcoin futures ETF mania is receding.’ “While the Proshares fund swallowed $1.1 billion in two days – the fastest an ETF has ever done so,” Greifeld noted at the time. The financial author went on to examine the Vaneck ETF, pointing out that the fund’s lower management fees could set it apart from the competition. At the time, Greifeld quoted Bloomberg Intelligence senior ETF analyst, Eric Balchunas, who said: “There’s definitely a lull going on right now relative to the launch mania and so Vaneck has their work cut out for them in trying to get people excited again.” Valkyrie’s BTF is Down 37%, Vaneck’s XBTF is Down 27%, and the Total Open Interest in Bitcoin Futures Across Cryptocurrency Exchanges is Down More Than 38% The Valkyrie Bitcoin Strategy ETF (BTF) experi...

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