LIVEBehind Bitcoin Bearish Turn
Bitcoin has shown bearish price action, decreasing by 5% in the last 24 hours, with a trading price of $43,791. This downturn follows a recent spike above $48,000, spurred by the live trading of spot Bitcoin ETF trading in the United States on Thursday.
Dan Ripoll, managing director at Swan Bitcoin, sheds light on the current price dynamics, attributing them to the time brokerage firms’ compliance departments took to approve new products. Ripoll adds that large broker-dealers like Vanguard, UBS, Citi, and Merrill Lynch have restricted or completely disallowed their retail clients from purchasing spot Bitcoin ETFs.
Vanguard’s decision to prevent its customers from investing in the new BTC Spot ETFs, citing a misalignment with their “investment philosophy,” is pivotal in adopting Bitcoin ETFs.
This stance by the world’s second-largest asset manager, behind BlackRock, adds complexity to the spot Bitcoin ETF landscape. Ripoll expresses surprise at such ideological resistance, predicting a loss of customers for these firms due to this approach.
Matt Dines, Chief Investment Officer at Build Asset Management LLC, points out another fact: the capital from the day’s spot ETF volume has yet to impact the fund portfolio managers’ activities.
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