Bitcoin ETF Slips in Value, Hype Around it Starting to fade Away


“After the highly anticipated debut of Proshares Bitcoin exchange-traded fund (ETF), Vaneck Bitcoin strategy ETF, and Valkyrie’s Bitcoin futures ETF, the interest of investors has started to dull away. After reaching its all-time high in November, Proshares ETF is currently down by 39%. Valkyrie’s Bitcoin ETF is also down by 37% in value in last two months”.

ETF Continue to fall

There was a lot of hype around the launch of the first Bitcoin exchange-traded fund (ETF), as before that a lot of applications for ETF were rejected. The debut of Proshares Bitcoin’s future ETF broke all records, it accumulated $1 billion in total volume, within the first 24 hours of its launch. On November 10, 2021, the ETF was trading at its all-time price high of $44.29. Just two months later, currently, it is trading at $26.96 and the prices have fallen by 39.12%. 

Vaneck’s XBTF is down by 27% and Valkyrie’s BTF is down by 37%

In November, the Valkyrie’s BTF was at its all-time high of $26.67 per share, and at present it is down by 37.38% from ATH, currently selling at $16.70 per share. 

Vaneck’s XBTF is down by 27.70%, as in November its share was being sold at $58.08 per unit and now they are being old at $41.99 per unit. 

There has been a decline in the interest of the futures market, as there has been a decline in the total Bitcoin futures open interest across cryptocurrency exchanges. On November 11, 2021, the highest number of Bitcoin futures open interest was recorded at $28 billion. Today it has fallen to $17.22 billion, showing a loss of over 38.50 in the last two months. 

Disclaimer: The article is meant for the educational purpose only and in no way it should be considered as financial advice. Own research on the topic is advisable.

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