Valkyrie intends to list its Bitcoin ETF fund on the Nasdaq with the ticker BRRR, with Bitwise also jumping on board.
- Financial giants Valkyrie and Bitwise have joined the wave of applicants seeking approval for a spot Bitcoin Exchange-traded fund in the U.S.
- BlackRock’s filing for a spot Bitcoin ETF has caused a significant market shift, resulting in a reversal of Bitcoin’s downward trajectory and a price surge of over 20%.
- Bitcoin’s resurgence has led to increased market dominance, accounting for 50% of the overall cryptocurrency market, and has triggered heightened activity from large-scale investors known as whales.
Financial Giants Join The ETF Bandwagon
Valkyrie, a prominent player in the Bitcoin derivative products market, took a significant step toward introducing a spot Bitcoin ETF. The company submitted the S-1 registration form on Wednesday, June 21 and they intend to have the fund listed on the Nasdaq exchange, utilizing the ticker symbol BRRR.
Valkyrie has established itself as an early participant in the realm of Bitcoin derivative products, demonstrating its commitment to innovation. Last year, in October 2021, Valkyrie made waves by introducing the Valkyrie Bitcoin Strategy ETF (BTF), a BTC futures ETF in the United States.
The company further expanded its product lineup with the launch of the Valkyrie Balance Sheet Opportunities (VBB) in December of the same year. However, Valkyrie decided to liquidate VBB in October 2022, indicating its dedication to adapting and refining its offerings based on market dynamics.
Another prominent player moving into the Bitcoin ETF space is Bitwise, which started the 19b-4 form filing procedure to renew its spot Bitcoin ETF application. Bitwise is attempting to get its ETF approved, joining companies like Valkyrie, BlackRock, Invesco, and WisdomTree.
The exchange trade funds, if approved, will be a way to give investors additional regulated and easily accessible ways to engage in the Bitcoin market. Additionally, these credible businesses’ pursuit of ETF certification is evidence of the Bitcoin industry maturing and expanding.
Bitcoin Resurgence
BlackRock’s filing for a spot Bitcoin ETF has sparked a significant shift in market sentiment, leading to a reversal of Bitcoin’s downward trajectory. Since the filing, Bitcoin has surged by over 20%, surpassing the $30,000 mark.
BTCUSD climbs around $30k in 1D chart | Source: TradingViewThis substantial price increase has not only revived bullish sentiment but has also stimulated heightened whale activity within the market. As a result of the recent price rally, Bitcoin’s market dominance has expanded, now accounting for 51% of the overall cryptocurrency market.
This surge in Bitcoin’s value has not been isolated, as other alternative cryptocurrencies, commonly known as altcoins, have also experienced a notable uptick.
In total, the broader cryptocurrency market has witnessed an impressive $118 billion increase, with Bitcoin alone contributing $88 billion to this remarkable surge.