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- Valkyrie Bitcoin ETF (BRRR) experiences an impressive 12% gain after adding 355 BTC to its portfolio.
- Competitors, such as GBTC and IBIT, face declines, while Valkyrie’s BRRR shows an outstanding recovery.
In a surprising recovery, the Valkyrie Bitcoin ETF (BRRR) experienced a remarkable 12.64% surge to $13.84 in the pre-market session. This rally follows four consecutive days of declines since its launch, marking a large and positive change in its trajectory.
This upward momentum is attributed to a strategic acquisition of 355 BTC by the Valkyrie Bitcoin Fund, a move that is valued at more than $15 million, considering recent trends in Bitcoin pricing. This move contrasts with the previous decline of 12.86%, which brought the ETF’s value to $12.29 on Tuesday.
It is relevant to note that the Valkyrie Bitcoin ETF has faced a decline in value since inception. It opened at $14.10 on Jan. 11, experiencing a 5.74% drop to close at $13.29 on its first day of trading.
The following day, it suffered another 6.17% drop, ending the session at $12.47. However, the recent pre-market rally has pushed the ETF’s price closer to its opening value, suggesting a phenomenal recovery.
In contrast, prominent competitors such as Grayscale’s GBTC and BlackRock’s IBIT faced declines in the pre-market session. GBTC fell 0.57% to $38.10, while IBIT declined 1.25% to $24.72. These declines followed losses of 0.67% and 1% on Tuesday, respectively.
Other Spot Bitcoin ETF competitors also posted significant pre-market declines. The Ark 21 Shares Bitcoin ETF (ARKB) fell 1.73% to $42.73, Fidelity Wise’s FBTC was down 0.84% to $37.78, Invesco Galaxy’s BTCO fell 0.83% to $43.06, Bitwise’s BITB lost 1.56% to trade at $23.35, the WisdomTree Bitcoin Trust (WBTC) fell 1.38% to $45.41, the Vaneck Bitcoin Trust (HODL) declined 0.91% to $48.75, and the ProShares Bitcoin Strategy ETF (BITO) was valued at $20.60, declining 1.48%. Meanwhile, Franklin Templeton’s EZBC fell 1.71% to $24.75, and Hashdex’s DEFI was flat at Tuesday’s close at $51.50.
This outstanding performance by the Valkyrie Bitcoin ETF contrasts sharply with the continued decline of its competitors, cementing its position in the market. The Valkyrie fund’s strategic acquisition of Bitcoin has proven to be a key driver of this rally, generating interest amid a volatile environment.
As the Bitcoin ETF market continues to witness significant moves, investors and traders are keeping an eye on the evolution of these assets in the near term.
