Bitcoin price saw significant upward movement after the first Bitcoin Futures ETF had begun trading on Tuesday. The ETF saw a massive $1 billion flow into it on the first day, marking a successful launch of the first Bitcoin ETF.
Following this, the price of the digital asset rallied to a new high the day following the listing. This sent the market into a frenzy as altcoins begin to catch up with the top cryptocurrency. At this point, there is no doubt the impact that the first Bitcoin Futures ETF debuting on Wall Street has had on the market. Investors’ interest has been renewed in the market and more money has begun to flow into bitcoin and other cryptocurrencies.
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As another Bitcoin ETF is set to start trading on Wall Street, the market reaction to this could be massive given the success of the ProShares ETF. If the first one is anything to go by, then the market may be in for the biggest rally yet.
Valkyrie ETF Set To Trade On Friday
Bloomberg reported that the Valkyrie Bitcoin Futures ETF would begin trading on Friday. The ETF had received the greenlight from the Securities and Exchange Commission. After going through the process of clearing the last regulatory hurdles, the fund is to begin radon on the Nasdaq under ticket BTF. This is a deviation from Valkyrie’s plan to trade under the ticker BTFD but is nonetheless a good ticker for the fund.
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With Friday drawing near, the market has begun to speculate on what this latest listing will do for the price of the asset. ProShares ETF had recorded over $1 billion trading volume and Valkyrie’s may be just as successful with its listing only coming a few days after ProShares.
If Valkyrie’s ETF turns out to be as successful as its predecessor, then the market might be in for new highs. A big push from trading volume in the Bitcoins Futures ETF will provide the market the much-needed momentum to break the $70K price mark.
Bitcoin Taking Wall Street By Storm
Valkyrie’s ETF is the third Bitcoin Futures ETF to be approved by the SEC, although it is the second to begin trading. After ProShares had gotten the go-ahead from the regulatory body, VanEck’s ETF had also been greenlighted by the commission.
VanEck had published its ETF post-effective filing on Tuesday, signaling approval from the SEC for the ETF to trade on Wall Street. Although it is the second Bitcoin ETF to receive approval, VanEck’s fund will be the third to begin trading as it is scheduled to list on the NYSE Arca next week.
Bitcoin is now at the forefront of Wall Street with these new approvals. As trading intensifies in the fund, the market will see more inflows, leading to a rise in the value of bitcoin over time.
Featured image from CNN, chart from TradingView.com