ALBAWABA - vAfter receiving SEC approval and the introduction of the first spot Bitcoin exchange-traded funds (ETFs), profit-taking activities led Bitcoin to drop below $46,000.
Bitcoin reached a low of $45,980.45 and is presently trading at $46,059.33, reflecting a 0.87% decline compared to the previous 24 hours.
The debut of spot Bitcoin ETFs witnessed a trading volume surpassing $4.6 billion on the first trading day, with Grayscale Bitcoin Trust contributing $2.3 billion to the total volume.
When the inaugural Bitcoin futures fund commenced trading in 2021, it experienced a daily trading volume of $1 billion.
Jaime Baeza, the founder of crypto hedge fund AnB Investments, remarked, 'While the approval is expected to exhibit significant growth in the medium and long term, short-term movements remain uncertain. The market had already largely factored in the approval, and we'll be observing whether we see a typical 'buy the rumor - sell the news' scenario in the short term.'"
