Dear Readers,
It has been almost 3 days post the approval of the BTC Spot ETFs by US Securities and Exchange Commission.
The news of approval created a happy note widely in the crypto markets and we witnessed a good rally in the crypto coins. BTC didn't have move much as anticipated.
The famous trading app- Robinhood even listed all the 11 approved BTC ETFs to trade with in their platform which we covered extensively in our earlier post.
It is anticipated that the global crypto investors including the institutional sectors would be moving towards their investment decisions into the the BTC ETFs over the risks of getting direct exposure with the cryptos. However, comparing the other ETF segments, this BTC ETFs would be highly volatile in nature due the high crypto volatility. Let's watch it how it goes ahead and the investment decisions made by the global crypto investor community.
At this point in time when the majority welcome the decision of the approval of BTC ETF, there are voices against the approvals as well.
Interestingly, against the wide range of expectations, the BTC prices are down post approval of BTC ETFs. At the time of writing this article, BTC trades at USD 43166 which is down over 6% from yesterday. We need to compare the BTC price on the date of approval of BTC ETF. On the day of approval on 10 January 2024- BTC was trading over USD 45700+- Currently BTC lost its price around 5.68%.
But we have witnessed a wide range of pump in other altcoins where many investors booked a handsome profits with the short bull run.
We are discussing one such major uproars that is being heatedly discussed in the social media is on Vanguard, which is an American registered investment advisor based in Malvern, Pennsylvania with about $7.7 trillion in global assets under management raised its voices against the approval of BTC ETFs by the SEC.
In a more contrary stand with its major peers in the industry, Vanguard expressed that it will not be investing in the approved Bitcoin ETFs. In a step ahead it had removed the existing BTC future products in this broking products.
The investors registering their opinion against the stand of Vanguard with the hastags on #boycottvanguard which is trending over the social media.
It is understandable from the investors comments on vanguard that Fidelity will be getting many more customers from Vanguard.
Fidelity Investments operates a brokerage firm manages a large family of mutual funds which provides wide range of financial products including fund distribution and investment advice, retirement services, index funds, wealth management, securities execution and clearance, asset custody, and life insurance.
