The Valkyrie Bitcoin ETF (BRRR) has recorded an impressive surge of over 12% in the pre-market trading session today. This comes after four consecutive days of declines since inception, indicating a significant rebound. Whilst, the other Spot Bitcoin ETFs extended declines.
Valkyrie Bitcoin ETF Gains After Major BTC Acquisition
According to data from Yahoo Finance, Valkyrie’s BRRR soared 12.64% to $13.84 (up by 1.55 points) at press time in the pre-market session on Wednesday, January 17. The upswing could be attributed to the massive Bitcoin acquisition by the Valkyrie Bitcoin Fund.
The Valkyrie Bitcoin Fund reportedly added 355 BTC worth over $15 million, considering the recent Bitcoin price trends. Earlier, BRRR plunged by 12.86% and closed at $12.29 on Tuesday. In addition, the ETF had been witnessing a drop in value ever since it went live.
The Valkyrie Bitcoin ETF, BRRR, opened at $14.10 on Thursday, January 11, which was its first day of trading. Thereafter, it plunged 5.74% and closed at $13.29. Furthermore, on Friday, BRRR plummeted by 6.17% and concluded the trading session at a value of $12.47. However, the recent pre-market push has propelled the Valkyrie Bitcoin ETF price closer to its opening price, suggesting a phenomenal recovery.
Also Read: Cathie Wood’s Ark Invest Sells ProShares Strategy ETF (BITO) To Buy ARKB Spot Bitcoin ETF
Valkyrie’s Competitors Fail To Rebound
Meanwhile, Valkyrie‘s major competitors, such as Grayscale’s GBTC and BlackRock’s IBIT tumbled in the pre-market session. GBTC dropped 0.57% to $38.10 while IBIT slumped by 1.25% to $24.72. This comes after GBTC and IBIT lost 0.67% and 1% on Tuesday, respectively.
Furthermore, other Spot Bitcoin ETF competitors also registered significant pre-market declines. The Ark 21 Shares Bitcoin ETF, ARKB, plunged 1.73% to $42.73 after closing 0.80% lower on Tuesday. Moreover, Fidelity Wise’s FBTC dipped 0.84% to $37.78 after closing at $38.10 (down by 0.65%) the last day.
Whilst, Invesco Galaxy’s BTCO dropped by 0.83% to $43.06. In addition, Bitwise’s BITB lost 1.56% in value and was priced at $23.35. In the meantime, the WisdomTree Bitcoin Trust (WBTC) slumped by 1.38% to $45.41. Earlier, WBTC closed at $46.04 on Tuesday, indicating a 1.21% dip.
The Vaneck Bitcoin Trust (HODL) declined by $0.91% to $48.75 while ProShares Bitcoin Strategy ETF (BITO) was valued at $20.60, down by 1.48%. Whilst, Franklin Templeton’s EZBC slumped 1.71% to 24.75. On the other hand, Hashdex’s DEFI remained stagnant at Tuesday’s close of $51.50.
Also Read: Spot Bitcoin ETFs See $10 Billion Trading Volumes In Just 3 Days, What’s Ahead?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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