Bitcoin Spot ETF Trading Plummets 6% for Second Consecutive Day

Retreat to the $43,000 Range
Ethereum Continues Its Rally

The price of Bitcoin, the leading cryptocurrency, dropped sharply on the second day of trading for spot exchange-traded funds (ETFs).

Photo by Asia Economy DB

According to the US cryptocurrency exchange Coinbase on the 12th (local time), as of 11:50 a.m. Eastern Time, the price of one Bitcoin was trading at $43,134.34 (approximately 56.53 million KRW), down 6.43% compared to 24 hours earlier.

Bitcoin's price briefly surpassed $49,000 on the morning of the first day of spot ETF trading but then turned downward.

In the afternoon of the previous day, it fluctuated around the $46,000 range but began to fall sharply again from around 9:20 a.m. on the current day.

Ethereum, the second largest cryptocurrency by market capitalization, has been showing strength continuously. Around 10:10 a.m. on the same day, it recorded $2,717.89, up 4.99% from 24 hours earlier, then slightly declined and has been fluctuating in the $2,600 range.

Cryptocurrency experts expect that selling for profit-taking by Bitcoin investors will continue for the time being.

Ethereum is considered attractive to new investors due to expectations of possible spot ETF approval following Bitcoin and its relatively lower price.

Earlier, following the approval of the US Securities and Exchange Commission (SEC) for the listing and trading of Bitcoin spot ETFs, 11 Bitcoin spot ETFs, including the 'iShares Bitcoin Trust' (ticker code IBIT) launched by asset management firm BlackRock, were listed and began trading on the New York Stock Exchange starting the previous day.