Bitcoin

Valkyrie’s Bitcoin Strategy ETF Listing Drops More Than 4% –

On Friday, the Valkyrie Bitcoin Strategy Exchange-Traded Fund (ETF) launched on Nasdaq under the ticker BTF and dropped in value not too long after the ETF first came out of the gate. The second bitcoin ETF to launch in the United States followed bitcoin’s spot price movements on Friday, as BTF started the day above $25 and dropped to just over the $24 mark.

Initial Market Performance of Valkyrie’s Bitcoin ETF Lackluster Compared to the First Bitcoin ETF Debut

Valkyrie’s bitcoin futures ETF officially launched on Friday and reached a high of $25. 60 per unit at around 9: 00 a.m. (EDT). The senior ETF analyst for Bloomberg Intelligence, Eric Balchunas, tweeted about Valkyrie’s ETF after the first few minutes of trading.

“BTF up and running with a healthy $10m traded in [the] first [five minutes], BITO is at $30m. You have to be happy with that spread if you are BTF, [it] will be tough to keep up [though],” Balchunas said.

Valkyrie's Bitcoin Strategy ETF Debut Listing Drops Over 4% — Proshares ETF Slides 3.5% — Valkyrie’s bitcoin futures ETF (BTF) on Friday, October 22, 2021, at 3: 41 p.m. (EDT). At 4: 15 p.m., BTF managed to climb to $24. 30 just before the closing bell.

The stock subsequently fell in value as it followed the spot price of bitcoin’s drop before the weekend. BTF tapped a low of $23. 96 per unit and as the day progressed it inched above the $24 handle.

The Proshares ETF BITO also followed bitcoin’s spot market price and dipped under the $40 handle to $39. 39 down 3.5%. BTC spot markets fell from $63,735 per unit in the morning (EDT) to a low of $59,954 on Bitstamp at 12: 15 p.m. in the afternoon.

Vaneck Bitcoin Exchange Traded Fund Expected to Drop on Monday

BTC managed to jump back above the mid-$60K per unit position during the trading sessions on Friday afternoon. Many bitcoin enthusiasts were thrilled to see Valkyrie launch Valkyrie’s bitcoin futures ETF after the phenomenal market performance of the Proshares ETF this week.

“Valkyrie… the floor is yours,” the Twitter account dubbed ‘British HODL’ said on Friday. “2 Bitcoin ETFs are trading open today. He said, “Let the corporate hunger games begin for bitcoin allocations.”

After the weekend ends, next week the crypto community expects the Vaneck bitcoin futures exchange-traded fund (ETF) to launch on Monday. Three bitcoin-related ETFs will be available on Wall Street, after years of rejections by the U.S Securities and Exchange Commission (SEC).

With Vaneck’s fund two ETFs are listed on the New York Stock Exchange. Valkyrie’s Bitcoin futures ETF is also listed on Nasdaq. Just before the closing bell on Friday, Valkyrie’s BTC managed to climb above the $24. 30 region. BTF’s rise at the end of the trading day on Friday followed bitcoin’s spot price jump, after BTC went from $60,600 to $61,150 per unit.

What do you think about Valkyrie’s ETF launch on Friday? Please comment below to let us know your thoughts on this topic.

This story contains tags

Bitcoin, Bitcoin Spot markets, bito, BTC, Eric Balchunas, ETF, ETF analyst, ETF performance, etfs, exchange traded fund, market updates, Proshares, SEC, Valkyrie, Valkyrie Bitcoin Strategy ETF, vaneck

Image Credits: Shutterstock, Pixabay, Wiki Commons, Nasdaq, NYSE,

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or related to the use or reliance of any content, goods, or services in this article.

Bitcoin

Fed Report Explores How Crypto Price Changes Affect Ownership

A report by the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute found that cryptocurrency ownership declined during market downturns, despite price increases in bitcoin. Data from multiple surveys showed that crypto interest and ownership did not rise, even as prices surged. The report suggests further research into consumer behavior in response to market fluctuations [……
Read More

Bitcoin

The Open Network (TON) to launch teleport Bitcoin bridge

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain, The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem. The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for…

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain,
The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem.

The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for DeFi purposes. The bridged Bitcoin, called Teleport BTC, will maintain the original Bitcoin’s security while allowing holders to take advantage of the growing opportunities on TON.

According to the Foundation, each Teleport BTC will be backed 1:1 by native Bitcoin via a trustless, transparent process chiefly executed by verifiable smart contracts and validators.

This new development aims to “enhance Bitcoin’s utility, transforming it into a powerful tool for generating additional rewards on TON.”

TON’s Growth in 2024

The Open Network, closely linked with the popular Telegram messaging app, has been on an upward climb in 2024 both in price and network development. The network was initially created by the Telegram team for internal use but was abandoned and eventually picked up by the community.

TON made major waves after Telegram re-established contact by using the network to power its ad reward system, which pays channel owners in TON (the network’s native cryptocurrency) for traffic and views.

Outside of Telegram, TON is making a name for itself as a social gaming chain with tap-based casual projects like Notcoin and Hamster Kombat garnering attention.

TON’s Growing DeFi Ecosystem

While TON is not primarily known as a network for decentralised finance, its DeFi ecosystem has witnessed a boom in recent months. According to Defillama, a leading on-chain finance data provider, the total value locked on TON currently stands at $745.96 million as of writing after rising significantly from $22 million at the end of February 2024.

The Open Network plans to launch the Teleport BTC bridge later this year.

Share this article

Bitcoin

First ETP for Near Protocol’s NEAR token unveiled on Sweden’s Spotlight Stock Market

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market. Valour currently operates one of the largest Solana ETPs. The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs. Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR. This groundbreaking ETP will be…

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market.
Valour currently operates one of the largest Solana ETPs.
The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs.

Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR.

This groundbreaking ETP will be available on Sweden’s Spotlight Stock Market, offering retail and institutional investors the opportunity to gain exposure to the decentralized application development platform.

NEAR ETP joins Valour’s diverse portfolio of ETPs

Valour already operates one of the largest Solana ETPs, Valour Solana, and offers a suite of staking products, including ETPs for Bitcoin, Ether, and Internet Computer.

Valour’s head of product, Elaine Buehler, emphasized the significance of this new fund, highlighting its potential to grant investors access to an asset renowned for its transformative impact on decentralized finance (DeFi) and non-fungible tokens (NFTs).

Near Protocol, designed to tackle common blockchain development challenges such as user onboarding and multi-chain operations, boasts a market capitalization of approximately $6.8 billion. This positions NEAR among the top 20 digital assets globally, according to CoinMarketCap.

The launch of NEAR ETP comes amid a wave of regulatory approvals in the United States, where investment managers BlackRock, Franklin Templeton, and VanEck recently received preliminary approval to list the first exchange-traded ETH products. Analysts predict this move will pave the way for more crypto exchange-traded products in the US, including potential Solana-based ETFs.

Valour’s parent company, DeFi Technologies, currently manages around $600 million in assets across various crypto-native strategies.

On July 16, DeFi Technologies expanded its footprint by acquiring trading desk Stillman Digital in an all-stock deal. This acquisition is expected to significantly enhance the Canadian crypto platform’s capabilities, potentially positioning it as a formidable competitor to larger entities like Galaxy Digital.

Valour’s new NEAR ETP represents a significant advancement for investors seeking exposure to innovative blockchain technologies, reinforcing the firm’s position at the forefront of digital asset investment products.