Bitcoin briefly exceeded $49,000 — then fell as the ETF trading frenzy began | CoinDesk JAPAN

Bitcoin (BTC) on the 11th temporarily exceeded $49,000 (approximately 7,105,000 yen, equivalent to 145 yen per dollar) for the first time since December 2021. This is because a Bitcoin spot ETF (exchange traded fund) listed in the United States has started trading amid heightened expectations.

Data from CoinDesk Indices, which collects prices from multiple exchanges, shows Bitcoin rose from below $46,000 to above $47,000 on the day, before accelerating its rally into the U.S. trading hours. It reached $49,042 early on. Since then, the gains have been wiped out and the stock has fallen below $46,000.

After a back-and-forth price move, Bitcoin is at just over $46,000 at the time of writing, up 1% in the past 24 hours.

Stocks such as Coinbase are also weak.

Stocks specializing in crypto assets such as Coinbase, a major U.S. crypto asset trading company, also fell, wiping out pre-market gains. Coinbase stock has fallen 5% since it began trading. Bitcoin mining companies Marathon Digital and Riot Platforms both experienced declines of more than 10%.

Earlier, Mizuho Securities, which lowered Coinbase’s stock rating and set a price target of $54, said that the approval of the spot ETF was “a costly and irreconcilable victory for Coinbase stock” and that Bitcoin ETF He said the potential upside in earnings may be weaker than thought.

Pay attention to how much interest spot ETFs attract

The much-anticipated debut of 11 Bitcoin ETFs has triggered wild swings in Bitcoin prices, but investors will be keeping an eye on how much interest the 11 funds will garner by the end of the first day of trading. are doing.

So far, BlackRock’s IBIT, the world’s largest asset manager, ranks first among Bitcoin ETFs with $500 million in trading volume by 10:50 ET, according to BitMex Research. Are standing. Grayscale Bitcoin Trust (GBTC), the world’s largest Bitcoin fund that converted from a closed-end fund to an ETF and went public, recorded trading volume of over $700 million in the first hour of trading. .

｜Translation and editing: Rinan Hayashi
｜Image: CoinDesk
｜Original article: Bitcoin Briefly Tops $49K Before Selling Off as ETF Trading Frenzy Commences