Bitcoin: the first results of ETF trading did not please investors

The value of Bitcoin dropped below $7,000 as there was little interest in the newly launched ETFs.

The majority of the trade activity was generated by selling positions that had been acquired earlier.

Some banks and funds may not permit trading of Bitcoin ETFs.

JPMorgan predicts that there will not be any immediate emergence of spot ETFs on Ethereum.

According to Cathie Wood, Bitcoin is expected to reach $1.5 million by the year 2030.

During the previous week, a number of Bitcoin ETFs were introduced. The initial day of trading, which was Thursday, saw a combined trading volume of $4.6 billion for these ETFs, accompanied by a significant decrease in stock price. The top performer in terms of trading volume ($2.2 billion) was Grayscale's Bitcoin ETF, with the majority of the volume stemming from the sale of previously acquired positions. The following day, the trading volume for Bitcoin ETF shares reached $3.1 billion.

Bloomberg reported that 11 spot Bitcoin ETFs had over 700,000 transactions by the close of the initial trading day, with a value twice that of the widely-used QQQ contract, which tracks the Nasdaq high-tech index.

Vanguard, the second-biggest asset management company following BlackRock, has stated that it currently has no intentions of introducing spot trading for bitcoin ETFs due to the fact that these digital assets do not align with Vanguard's investment principles.

In contrast, Citigroup and UBS banks will include spot Bitcoin ETFs in the selection of tradable instruments for their clients. While Merrill Lynch has not currently granted access to these products, they will make a final determination at a later time. Along with Merrill Lynch, Edward Jones, UBS, and Northwestern Mutual have also displayed a similar cautious approach.

Senator Elizabeth Warren, who serves on the US Senate Banking Committee, expressed disapproval towards the US Securities and Exchange Commission (SEC) for giving the green light to a Bitcoin ETF. She believes that this move has the potential to negatively impact both the nation's financial system and those who invest in it.

The SEC is currently considering various uses for spot ETFs on Ethereum, but JPMorgan predicts that these funds will not be available in the near future. In order for this to happen, the SEC must classify ETH as a commodity, similar to Bitcoin. However, the regulatory body has consistently stated that, with the exception of BTC, it views all cryptocurrencies as securities.

Proposed modifications to the ERC-4337 standard by Ethereum developers aim to lower the gas cost of smart account transactions. The primary revisions outlined in the proposal pertain to the format of these transactions.

Ripple Labs, a cryptocurrency firm, has officially scrapped its intentions to go public and instead has opted to repurchase 6% of its stocks from staff and initial investors, amounting to approximately $285 million.

According to Cathie Wood, CEO of ARK Invest, Bitcoin has the potential to reach $1.5 million by 2030 in a positive market trend. In a negative market trend, the value of this digital asset is still expected to rise to $258,500. A more cautious prediction suggests a growth to $682,800. Fundstrat had previously forecasted a price of $500,000 for BTC within the next five years.