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Bitcoin ETF news has stirred the industry and has helped the cryptocurrency sector to gain more popularity.
The much-awaited approval of the Bitcoin spot ETF has gathered massive attention in the market, which might also be the reason that backed the Bitcoin spike.
Several data sources claim that the post-ETF approval price of Bitcoin has surged over 40% and recently traded at its all-time high. An approximately $10 Billion inflow has been observed in the Bitcoin ecosystem since ETF approval.
Eleven companies are offering Bitcoin spot ETF; the list includes BlackRock, Fidelity, and Grayscale, other leading financial giants. Despite these giants, Vanguard, a leading asset management firm, is still creating suspense over the BTC spot ETF launch.
Tim Buckley, the Chief Executive Officer of Vanguard, has maintained his strong opposition to Bitcoin exchange-traded funds (ETF). However, the company is constantly receiving inquiries about its plan to launch its own Bitcoin spot ETF.
Vanguard’s website posted a video of its CEO, who warned investors against Bitcoin ETFs in retirement investment plans due to immense volatility in price.
“We don’t believe it belongs, like a Bitcoin ETF belongs in a long-term portfolio of someone saving for their retirement. It’s a speculative asset,” Buckley says.
He said, “When stocks got hammered in the recent crisis, Bitcoin went right with them. And so it is speculative. Really tough to think about how it belongs in a long-term portfolio.”
Till this point in time, Vanguards has yet to plan to launch its Bitcoin spot ETFs.
Bitcoin Spot ETF Category Update
According to Dune Analytics, GrayScale has 46.2% of the market share in the spot ETF category, followed by BlackRock with 26.9%. Around 4.23% of Bitcoin’s total supply is used to operate spot ETF.
Since the approval of Bitcoin spot ETF, an inflow of $11.96 Billion has been seen as of the time of this writing. In the past seven days, it has gathered $2.36 billion. Franklin Templeton charges 0.19% of transaction fees over its ETF, the lowest fee any firm charges.
Among all 11 Bitcoin spot ETFs, GrayScale has the largest holding with 383,685, and BlackRock has 223,426 Bitcoin valued at $15.4 Billion as of writing. In the early days of approval, Grayscale was the market leader, dominating more than 90% of the market.
Market Price Update
The market capitalization reached $2.63 Trillion; it surged more than 4.25% in the past 24 hours. According to the fear and greed indicators of CoinMarketCap, there is extreme greed in the market, with the meter at 87.
Jupiter’s (JUP) price grew 60.37% in the past 24 hours, making it the intraday gainers list leader. Pyth Network (PYTH) 32.51%, Sei (SEI) 30.89%, Fantom (FTM) 30.04% and Aptos(APT) spiked 22.39%.
The most talked about memecoin dogwifhat (WIF) that has gathered massive trust since its launch, its price slipped 11.45% in the past 24 hours. Bitcoin (BTC) is trading at $69,066 with an intraday growth of 2.23%.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
