Bitcoin's Big Day
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- ⚖️ ETF volumes rip, BTC price doesn't. After a disastrous approval process, 11 spot BTC ETFs went live on Thursday. Volumes broke records, but despite a momentary surge towards $49K, BTC stayed even throughout the day.
- 🙅 Vanguard snubs BTC. Vanguard said it had no plans to offer BTC ETFs to customers, telling The Block, "High volatility runs counter to our goal of helping investors generate positive real returns over the long term."
- 🚀 Circle files for IPO. The stablecoin issuer confidentially filed documents for a US IPO. Circle had previously pursued efforts to go public via a SPAC.
📊 Bitcoin's big day. It’s the first day of spot BTC ETFs trading, and Bitcoin is now more accessible than ever, but price is trending downward on the day. What gives with BTC’s lackluster performance?
| Prices as of 5pm ET | 24hr | 7d |
|
Crypto $1.77T | ↗ 2.8% | ↗ 4.7% |
|
BTC $46,172 | ↗ 0.6% | ↗ 3.8% |
|
ETH $2,603 | ↗ 3.1% | ↗ 14.5% |
We've heralded the coming of the Bitcoin ETF here at Bankless. I expect we'll do the same for the Ethereum ETF, which is bound to happen eventually. That said, I wanted to give you a more sober "day after" take on the Bitcoin ETF and what it means.
Don't get me wrong. I'm celebrating the victory of the Bitcoin ETF today. The SEC should have done this years ago. Instead, by applying "arbitrary and capricious" anti-crypto logic, they stonewalled the Bitcoin ETF for over a decade, harming the very retail market they've sworn to protect through the existence of cash-bleeding pseudo-ETF products like Grayscale BTC.
They had the audacity to call this "protecting investors."
Read the full take on our website 👇👇👇
Kraken is one of the largest and most secure crypto platforms in the world. They've been in the crypto game for over a decade, and now they're inviting us all on a journey to see what crypto can be.
Today, Ryan was joined by Bloomberg's senior ETF analyst Eric Balchunas to get the full breakdown on the spot BTC ETF debut. How does Eric think things went? What is he watching for next?
Listen along for all his thoughts 👇
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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.