It has only been about a week since the Spot Bitcoin ETF product went live in the US, but one of the movement's main critics, Vanguard Asset Management, has already reversed its stance on the product.
Spot Bitcoin ETF: Is Vanguard changing its stance?
Vanguard Group surprised the crypto ecosystem last week by reiterating its position that it would never support spot Bitcoin ETF products. The company not only expressed disinterest in the product, but also reportedly made the following moves: Actively block product transactions Through that platform.
Less than a week after revealing its central intentions, the company is reportedly apologizing to customers for management's “lack of vision” for cryptocurrencies. Market advocate Mike Alfred brought this update to the forefront, sparking a series of reactions regarding Crypto X.
Alfred said he spoke with Merrill and Vanguard and asked them to withdraw all his funds. He said both companies connected him to a senior account manager, and in each case he apologized and acknowledged that many customers had called to complain about the same issue.
Alfred noted that his representatives told him that they personally own Bitcoin, adding that the Bitcoin revolution is just beginning.
Mike Alfred's latest information was echoed by FOX business journalist Eleanor Terret, further lending legitimacy to his claims. However, neither Merrill nor Vanguard have confirmed this update, despite the current amount of interest in the cryptocurrency ecosystem.
Current state of the Bitcoin market
The launch of the Spot Bitcoin ETF was so enthusiastic that the hype it generated led to more than $4 billion in trades. first day of trading.There were also some impressive numbers. recorded But enthusiasm waned compared to the traction many had hoped for.
The current state of the underlying asset, Bitcoin, is worth paying attention to.Bitcoin price has no impact on traders despite the launch of spot Bitcoin ETF product Price did not rise until above the $50,000 resistance level.
In fact, Bitcoin fell to $41,000 as the sell-off intensified, lending legitimacy to Vanguard's argument that the underlying commodity was volatile. At the moment, traders in the market are focusing on Gerd van Lagen's Bitcoin price predictions and the next Bitcoin halving. Could reach $200,000 before the event begins.
