Valkyrie’s Spot Bitcoin ETF Surges Ahead of Competitors Before Market Open!

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• Valkyrie Bitcoin ETF (BRRR) recorded an impressive increase of over 12% in today’s pre-market trading session after three consecutive days of decline.
• Valkyrie Bitcoin Fund reportedly added more than 355 BTC, valued at over $15 million, considering the recent Bitcoin price trends.
• The newest Bitcoin ETFs have sparked debates since their initial launches on January 11, with little concrete impact on BTC price despite intense trading activity.

Valkyrie Bitcoin ETF (BRRR) is rising before the market opening, surpassing declining ETFs by reaching above $13 in the pre-market session!

Valkyrie Bitcoin ETF Rises Before Market Opening

Valkyrie Bitcoin ETF (BRRR) recorded an impressive increase of over 12% in today’s pre-market trading session after three consecutive days of decline, indicating a significant recovery. Meanwhile, other Spot Bitcoin ETFs extended their declines. According to Yahoo Finance data, Valkyrie’s BRRR surged to $13.84 (a 12.64% increase, 1.55 points) during the pre-market session on Wednesday, January 17th. This rise could be attributed to Valkyrie Bitcoin Fund making a substantial purchase of Bitcoin.

The Valkyrie Bitcoin Fund reportedly added more than 355 BTC, valued at over $15 million, considering the recent Bitcoin price trends. Previously, BRRR had dropped to $12.29 on Tuesday with a 12.86% decline. Meanwhile, major competitors of Valkyrie, including Grayscale’s GBTC and BlackRock’s IBIT, experienced declines in the pre-market session. GBTC fell to $38.10 with a 0.57% decrease, and IBIT plummeted to $24.72 with a 1.25% decrease. Other competitors also faced declines.

Spot Bitcoin exchange-traded funds (ETFs) have achieved eight-digit trading volumes within three days since their launch in the United States. Bloomberg Intelligence analyst James Seyffart shared data on Twitter on January 16th indicating that the trading volume of spot ETFs exceeded $10 billion.

Despite debates, BTC ETFs are making strong progress

The newest Bitcoin ETFs have sparked debates since their initial launches on January 11, with little concrete impact on BTC price despite intense trading activity. While some remain skeptical, Bloomberg analyst Eric Balchunas argues that the raw numbers speak for themselves.

He commented on Seyffart’s post: “Let me put into context how crazy $10 billion in volume in the first 3 days is.” He continued: “In 2023, 500 ETFs were launched. Today, they collectively did $450 million in volume. The best one did $45 million. And many took months to get going. IBIT alone is seeing more activity than the entire ’23 New Issuer Class.