VanEck Bitcoin Futures ETF Ends First Day With $9.6 Under Management

There are more juicy things that are taking place in the crypto space these days amidst massive waves of digital assets adoption. Check out the latest news below.

It’s been just revealed that the VanEck Bitcoin Strategy ETF (XBTF), which tracks the price of Bitcoin futures, launched amid market turbulence that saw Bitcoin’s price dip below $60,000 for the first time in two weeks.

BTC ETF

The price of Bitcoin recovered slightly, reaching $59,966 by the time traditional markets closed at 4pm ET.

Decrypt online publication notes the following: “In that time, VanEck’s XBTF saw 38,398 shares traded on its first day, ending at $59.73 per share–just below its $60 per share open. The ETF had $9.6 million in assets under management at close, according to VanEck.”

It’s also worth noting the fact that the application had been waiting on a decision from the regulator since 2017.

“Obviously, we were disappointed to hear about the decision on the spot physical product and we still continue to view that as the superior product,” Kyle DaCruz, director of digital asset products at VanEck, told Decrypt recently as the online publication notes.

The same notes reveal the following:

“However, in light of that decision, we felt it important–and frankly we’re excited–to bring to market Bitcoin-linked exposure to investors in a regulated exchange traded fund.”

Bitcoin accumulation phase continues

Bitcoin is going through a correction, and at the moment of writing this article, the king coin is priced below $60k.

It’s been just revealed that there’s one crypto analyst who thinks that Bitcoin (BTC) is mirroring past rallies and could be on the verge of achieving massive gains.

The pseudonymous crypto market analyst is known as TechDev and said that BTC’s current technicals resemble its late 2020 structure when the king crypto consolidated below $20,000 before blasting off to $64,000.

“Last time this cycle, BTC tried to break ATH (all-time high) on the weekly…It consolidated beneath for 3-4 weeks with Stoch RSI [stochastic relative strength index] maxed out before a strong break to the upside. While comforting, the bearish sentiment is confusing.”

Stay tuned for more news.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.
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