Posted 1/12/2024, 3:10:00 PM
Bitcoin ETFs Lose Steam After SEC Approval as Bitcoin Prices Retreat
- Spot bitcoin ETFs entered their second day of trading on Friday after SEC approval, with most losing ground as bitcoin prices retreated.
- Grayscale Bitcoin Trust (GBTC) and Hashdex's Bitcoin ETF (DEFI) were hit hardest, dropping 2.5% and 2.7% respectively.
- Bitcoin slipped below $45,300 on Friday after briefly touching $49,000 on Thursday, losing its post-ETF launch gains.
- Total trading volume across the 11 new spot bitcoin ETFs hit $4.6 billion on launch day Thursday, led by Grayscale, BlackRock and Fidelity.
- Most bitcoin ETFs lost ground on their first trading day, while GBTC closed slightly higher and DEFI rose 1.5%.