A Spot ETF Approval Sends Bitcoin Soaring
A ripple of excitement has recently coursed through the crypto market, particularly on Bitcoin. Bolstered by speculation regarding the impending approval of a spot Bitcoin exchange-traded fund (ETF) —a sentiment propelled by BlackRock’s iShares ETF’s appearance on the DTCC website—Bitcoin recorded an 18-month high trading above $35,000. This upward movement came on the heels of a notable 10% surge on Monday.
ProShares Short Bitcoin Strategy ETF: A Declining Tale?
Contrary to the general jubilance, not all BTC-related financial instruments are shared in the celebration. The ProShares Short BTC Strategy ETF, designed for traders banking on a decline in Bitcoin futures, grappled with a record low.
Just over a year ago, this fund basked in the glory of a peak value of $45.61; a zenith reached as crypto assets took a downturn in the aftermath of FTX’s collapse. However, this year, the ProShares Short Bitcoin Strategy ETF has faced challenges, its value diminishing by 59.3% to stand at $16.68, a historic nadir, at the time of writing.
Funds Tracking Ethereum Futures Show Positive Performance
While the ProShares Short Bitcoin Strategy ETF struggles, other funds tracking cryptocurrency futures have ridden the wave of optimism. The ProShares Bitcoin Strategy ETF and Valkyrie Bitcoin Miners ETF registered gains of 7.68% and 6.54%, respectively, over the past day.
Leading among recently introduced funds that track Ethereum futures was the Valkyrie Bitcoin and Ether Strategy ETF, with a commendable 7.64% uptick over the same period.
Bitcoin Retreats but Remains Positive
Furthermore, BTC has retraced from its recent traded high of $35,000 and currently trades at $33,746, at the time of writing, still up 9.2% in the last 24 hours.
Featured image from Unsplash, Chart from TradingView
Hot Take: Bitcoin’s ETF Speculation Sparks Market Optimism
A surge in Bitcoin’s price has been fueled by speculation surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF). This optimism has led to an 18-month high for Bitcoin, reaching above $35,000. However, not all BTC-related financial instruments have experienced the same success. The ProShares Short BTC Strategy ETF has hit a record low, diminishing in value by 59.3% compared to its peak over a year ago. Despite this setback, other funds tracking cryptocurrency futures have performed well. While Bitcoin has retraced slightly from its recent high, it remains positive with a 9.2% increase in the last 24 hours.
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