It’s been about a week since spot Bitcoin ETF products launched in the US, and one of the primary critics of the move, Vanguard Asset Management, has already backed away from its position regarding the product.
Spot Bitcoin ETF: Has Vanguard’s position changed?
Vanguard Group spooked the cryptocurrency ecosystem last week when it reiterated its stance of not supporting spot Bitcoin ETF products. Not only has the company expressed no interest in the product, but it has also been reported Proactively prevent product circulation Through its platform.
In less than a week since announcing its primary intentions, the company has reportedly apologized to its customers for management’s “lack of vision” in the cryptocurrency space. Market advocate Mike Alfred brought this update to the forefront and sparked a wave of reactions to Crypto X.
According to Alfred, he spoke with Merrill and Vanguard and requested to withdraw all his money with them. He said both companies connected him with a senior account manager who apologized in both cases and acknowledged that several customers had called to complain about the same issues.
Alfred noted that the representatives told him that they personally own Bitcoin, adding that the Bitcoin revolution is just beginning.
The update from Mike Alfred was echoed by Fox Business journalist Eleanor Terrett, lending additional legitimacy to the claims. However, neither Merrill nor Vanguard have confirmed the update, even though it is currently generating significant interest in the cryptocurrency ecosystem.
Current status of the Bitcoin market
The launch of the Instant Bitcoin ETF came with so much enthusiasm that the resulting hype led to more than $4 billion being traded on First day of trading. The numbers were impressive too registered On the second day, but the enthusiasm faded compared to the intensity that many expected.
It is worth noting the current status of the underlying asset Bitcoin. The price of Bitcoin has not impressed traders as much as the launch of the spot Bitcoin ETF product The price did not strengthen beyond the $50,000 resistance level.
In fact, Bitcoin fell to a low of $41,000 as the selling intensified, lending legitimacy to Vanguard’s claims that the underlying product is unstable. Currently, market traders are now looking ahead to the next Bitcoin halving with Gert van Lagen predicting the price of the coin. It can reach $200,000 before the event even appears.