The Valkyrie Bitcoin ETF (BRRR) saw an impressive rise of over 12% in the pre-market trading session today. This comes after four consecutive days of declines since launch, indicating a significant recovery. While the other spot Bitcoin ETFs extended their declines.
Valkyrie Bitcoin ETF gains after major BTC acquisition
According to data from Yahoo Finance, Valkyrie's BRRR rose 12.64% to $13.84 (up 1.55 points) as of press time in the pre-market session on Wednesday, January 17. The upswing could be due to the massive Bitcoin adoption by the Valkyrie Bitcoin Fund.
The Valkyrie Bitcoin Fund has reportedly added 355 BTC worth over $15 million given recent Bitcoin price trends. Previously, BRRR plunged 12.86% to close at $12.29 on Tuesday. Additionally, the ETF has seen a decline in value since its launch.
The Valkyrie Bitcoin ETF, BRRR, opened at $14.10 on Thursday, January 11, its first day of trading. The price then fell 5.74% to close at $13.29. Furthermore, BRRR fell by 6.17% on Friday and closed the trading session at $12.47. However, the recent pre-market push has pushed the price of the Valkyrie Bitcoin ETF closer to its opening price, indicating 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 recover
Meanwhile, Valkyrie's main competitors, such as Grayscale's GBTC and BlackRock's IBIT, plunged in the pre-market session. GBTC fell 0.57% to $38.10, while IBIT fell 1.25% to $24.72. This comes after GBTC and IBIT lost 0.67% and 1%, respectively, on Tuesday.
Additionally, other spot Bitcoin ETF competitors also saw significant pre-market declines. The Ark 21 Shares Bitcoin ETF, ARKB, fell 1.73% to $42.73 after closing 0.80% lower on Tuesday. Additionally, Fidelity Wise's FBTC fell 0.84% to $37.78 after closing at $38.10 (down 0.65%) last day.
Meanwhile, Invesco Galaxy’s BTCO fell 0.83% to $43.06. Additionally, Bitwise's BITB lost 1.56% in value and was priced at $23.35. Meanwhile, WisdomTree Bitcoin Trust (WBTC) fell 1.38% to $45.41. Previously, WBTC closed at $46.04 on Tuesday, 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 valued at $20.60, down 1.48%. Meanwhile, Franklin Templeton's EZBC fell 1.71% to 24.75. On the other hand, Hashdex's DEFI remained stagnant with a Tuesday close of $51.50.
Also Read: Spot Bitcoin ETFs Record $10 Billion Trading Volume in Just 3 Days. What lies ahead for us?
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