BTC Price Index and Live Chart – CoinDesk”>(BTC) on Thursday briefly topped $49,000 for the first time since December 2021 as U.S.-listed spot bitcoin exchange-traded funds (ETF) commenced trading amid heightened anticipation.

According to CoinDesk Indices, which gathers prices from multiple exchanges, the largest crypto asset based on market capitalization rose from under $46,000 to $47,000 earlier today, then accelerated to a $49 042 in early U.S. session. It then gave up its gains, and sank below $46,000.

BTC is still trading at slightly more than $46,000 after the roundtrip.

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Cryptocurrency-focused stocks such as Coinbase (COIN) also declined, erasing their pre-market gains. Coinbase (COIN), a cryptocurrency-focused stock, has fallen 5% since the opening of trading. Bitcoin miners Marathon Digital(MARA)and Riot Platforms(RIOT) have both suffered losses over 10%.

Mizuho Securities had previously said that the approval of spot ETFs is “a pyrrhic win for COIN,” with a price target of $54 and an underperform ranking on Coinbase’s shares. The potential revenue upside from bitcoin ETFs could be less than expected.

The launch of eleven bitcoin ETFs has caused significant volatility, and investors are closely watching how much interest these funds will receive by the end the day.

According to BitMex Research, BlackRock IBIT has the highest trading volume among newly-issued ETFs, with $500 million at 10:50 U.S. Eastern Time. Grayscale’s GBTC (the world’s biggest bitcoin investment fund) was upgraded from a closed end fund to an exchange traded fund and recorded volumes of over $700,000,000 in its first hour.

Grayscale and BlackRock are the volume leaders as Bitcoin ETFs debut

Aoyon A. Ashraf is the editor.