It has been almost 72 hours since the United States Securities and Exchange Commission (SEC) approved eleven spot Bitcoin ETF applications including that of top investment asset management firm BlackRock.
BlackRock Bitcoin ETF Current Value
By the end of the first trading day for the Bitcoin ETF, over $4.5 billion was recorded in trading volume. Grayscale led the market by recording about $1.9 billion, leaving the other ETF providers with only a minute fraction of the market. For a top market leader with a stellar reputation, one would have expected BlackRock’s iShare Bitcoin Trust (IBIT) to gain significant traction beyond what it pulled off in the market.
More than two trading days after, BlackRock holds only 11,439 BTC valued at more than $497 million for its spot Bitcoin ETF. This is not to say that the Bitcoin ETF did not have a successful launch, on the contrary, it did but the volume did not match up with the bogus figures many market proponents projected.
BlackRock CEO Larry Fink is excited about his firm’s achievement so far in terms of the Bitcoin ETF. He is gearing up to bring spot Ethereum ETF to the market very soon.
Bitcoin Price in Fluctuation Mode
Meanwhile, the underlying cryptocurrency of the newly launched ETF is currently not performing as expected. At the time of this writing, Bitcoin’s market value was $42,785.44, climbing to $46,000 a few days before the SEC announced its support for the spot Bitcoin ETF.
Per the current outlook, the spot Bitcoin ETF approval is yet to positively impact the price of Bitcoin.
There have been some different factors influencing the downtrend in the price of Bitcoin. Based on an explanation offered by veteran crypto trader and the CEO of Blockchain Investment Fund and Advisory service Ran Neuner, Grayscale Bitcoin Trust (GBTC) liquidation has contributed significantly to the plunge in Bitcoin’s price.
Some key market players are still optimistic about the future outlook of Bitcoin. Top crypto analyst Michaël van de Poppe made a bold prediction that Bitcoin price might hit $600,000, implying that he expects the token to climb by almost 1,176% in the near future.
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