On Friday, the Valkyrie Bitcoin Strategy Exchange-Traded Fund (ETF) launched on Nasdaq under the ticker BTF and dropped in value not too long after the ETF first came out of the gate. The second bitcoin ETF to launch in the United States tracked bitcoin spot price movements on Friday, as BTF started the day above $ 25 and fell to just over $ 24.
Initial Market Performance of Valkyrie’s Bitcoin ETF Lackluster Compared to the First Bitcoin ETF Debut
Valkyrie’s bitcoin futures ETF officially launched on Friday and reached a high of $25.60 per unit at around 9:00 a.m. (EDT). Senior ETF Analyst for Bloomberg Intelligence, Eric Balchunas, tweeted about Valkyrie’s ETF after the first few minutes of trading.
“BTF up and running with a healthy $10m traded in [the] first [five minutes], BITO is at $30m. You have to be happy with that spread if you are BTF, [it] will be tough to keep up [though],” Balchunas said.
The stock then lost value as it followed the spot price of bitcoin’s decline ahead of the weekend. BTF tapped a low of $23.96 per unit and as the day progressed it inched above the $24 handle.
The Proshares ETF BITO also tracked the spot market price of bitcoin and fell below $ 40 to $ 39.39, down 3.5%.BTC spot markets fell from $63,735 per unit in the morning (EDT) to a low of $59,954 on Bitstamp at 12:15 p.m. in the afternoon.
Vaneck Bitcoin exchange-traded fund set to drop on Monday
BTC managed to climb above the average position of $ 60,000 per unit during Friday afternoon trading sessions. A great number of bitcoin enthusiasts were excited to see Valkyrie’s bitcoin futures ETF launch after the Proshares ETF saw a phenomenal market performance this past week.
“Valkyrie … the floor is yours”, the Twitter account nicknamed “British HODL” noted Friday. “2 Bitcoin ETFs for trading open today. Let the corporate hunger games for bitcoin allocations begin,” he added.
After the weekend is over next week, the crypto community expects the Vaneck Bitcoin Futures Exchange Traded Fund (ETF) to launch on Monday. After years of rejections from the U.S. Securities and Exchange Commission (SEC), there will be three bitcoin-related ETFs on Wall Street.
Along with Vaneck’s fund, two ETFs will be listed on the New York Stock Exchange (NYSE) and the Valkyrie bitcoin futures ETF is listed on the Nasdaq. Just before the closing bell on Friday, Valkyrie’s BTC managed to climb above the $24.30 region. The rise in BTF at the end of Friday’s trading day followed the rise in the spot price of bitcoin, after BTC rose from $ 60,600 to $ 61,150 per unit.
