Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

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The price of Bitcoin has <a href="https://twitter.com/jameslavish/status/1745474892961898499" rel="noopener noreferrer nofollow">plummeted</a> by over 7%, reaching an intraday low of $45,644 on the Bitstamp exchange.&nbsp;
This significant drop follows a period of heightened excitement, during which Bitcoin surged to $49,048 -- its highest level since early January.&nbsp;
The decline comes unexpectedly amid the fervor surrounding the recent approval of Bitcoin exchange-traded funds (ETFs), challenging the market's previous optimism.
<h2 id="massive-trading-volumes">Massive trading volumes&nbsp;</h2>
The cryptocurrency market often reacts vividly to news events, and the recent Bitcoin ETF approvals are no exception. Notably, the newly launched spot Bitcoin ETFs have experienced massive demand, with a combined trading volume of $1.3 billion.&nbsp;
This figure swells to $3.5 billion when including the Grayscale Bitcoin Trust (GBTC) and the Bitcoin Strategy ETF (BITO).
At first, it seemed like the ETF approval wasn't a sell-the-news event, but the largest cryptocurrency then registered a dramatic downturn. &nbsp; &nbsp;&nbsp;
Eric Balchunas, a noted industry expert, commented on the situation: "Ok the news sellers seemed to have woken up... not sure if that's all of what this is though, there's likely a lot of cross-currents right now with all these launches and market makers."
<h2 id="vanguard-snubs-bitcoin-etfs">Vanguard snubs Bitcoin ETFs</h2>
Amid this tumultuous period, Vanguard, a major investment management company, has taken a strikingly different approach by banning all Bitcoin ETFs from their platform.&nbsp;
Reports indicate that Vanguard is <a href="https://twitter.com/jameslavish/status/1745485812727533714" rel="noopener noreferrer nofollow">blocking</a> customer access to these SEC-approved ETFs, limiting transactions to only selling existing holdings.&nbsp;
This decision aligns with Vanguard's conservative investment philosophy. The snub might have contributed to the price drop.&nbsp;

Bitcoin (BTC) Price Collapses. Is ETF Hype Over?

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