The Valkyrie Bitcoin ETF (BRRR) recorded an impressive increase of over 12% in today’s pre-market trading session. This comes after four consecutive days of declines since the start, indicating a significant rebound. While the other Spot Bitcoin ETFs extended their declines.
Valkyrie Bitcoin ETF gains after major BTC acquisition
According to data from Yahoo Finance, at the time of writing in the pre-market session on Wednesday, January 17, Valkyrie’s BRRR rose 12.64% to $13.84 (up 1.55 points). The recovery could be attributed to the massive acquisition of Bitcoin by the Valkyrie Bitcoin Fund. .
The Valkyrie Bitcoin Fund reportedly added 355 BTC worth over $15 million, considering recent Bitcoin price trends. Previously, BRRR fell 12.86% and closed at $12.29 on Tuesday. Furthermore, the ETF has seen a decline in value since its inception.
The Valkyrie Bitcoin ETF, BRRR, opened at $14.10 on Thursday, January 11, which was its first day of trading. Subsequently, it fell 5.74% and closed at $13.29. Furthermore, on Friday, BRRR fell by 6.17% and ended the trading session at $12.47. However, recent pre-market momentum has pushed the price of the Valkyrie Bitcoin ETF closer to its opening price, suggesting a phenomenal recovery.
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Valkyrie’s contestants fail to recover
Meanwhile, Valkyrie’s main competitors, such as Grayscale’s GBTC and BlackRock’s IBIT, tumbled in the pre-market session. GBTC fell 0.57% to $38.10, while IBIT slumped 1.25% to $24.72. This comes after GBTC and IBIT lost 0.67% and 1% respectively on Tuesday.
Additionally, other Bitcoin Spot ETF competitors have also seen significant pre-market declines. The Ark 21 Shares Bitcoin ETF, ARKB, fell 1.73% to $42.73 after closing down 0.80% on Tuesday. Additionally, Fidelity Wise’s FBTC fell 0.84% to $37.78 after closing at $38.10 (down 0.65%) on the last day.
Invesco Galaxy’s BTCO fell by 0.83% to $43.06. Furthermore, Bitwise BITB lost 1.56% in value and was valued at $23.35. Meanwhile, WisdomTree Bitcoin Trust (WBTC) fell 1.38% to $45.41. On Tuesday, WBTC had closed at $46.04, indicating a decline of 1.21%.
The Vaneck Bitcoin Trust (HODL) fell 0.91% to $48.75, while the ProShares Bitcoin Strategy ETF (BITO) was priced at $20.60, down 1.48%. Franklin Templeton’s EZBC instead collapsed by 1.71% to 24.75. On the other hand, Hashdex DEFI remained stagnant at Tuesday’s close of $51.50.
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