Bitcoin Price (BTC) Turns Red Despite Spot ETF But Ethereum (ETH) And Arbitrum (ARB) Outperform
Bitcoin spot ETF is set to go live on 11 January after an approval from the US Securities and Exchange Commission on 10 January. However, Bitcoin price has failed to show any significant growth despite the historic moment for the pioneering digital asset.
At press time, BTC price was down 1.1% on Thursday after a very volatile price action close to the day end on Wednesday. After an initial volume spike on ETF news, the charts are showing a decrease in volume in the last 8 hours.
However, Ethereum price was up 0.47% once again as the speculators moved toward ETH ETFs. Arbitrum also emerged as the pick of the altcoins as ARB price set a new all-time high on Thursday as the L2 asset extended its gains by 3.4%.
Spot Bitcoin ETF Trading Volume To Surpass $4B On 1st Day
In a watershed moment for the whole crypto market, the regulator of the world’s biggest economy finally greenlit all eleven exchange trading funds (ETFs) after repeated rejections in the last couple of years.
According to Bloomberg, the spot Bitcoin trading volume might exceed $4 billion on its first day due to the strong demand for the digital currency from institutions. In the long term, Bloomberg expects $50 billion of inflows to pour into the ETF within the next two years.
Top 3 Cryptos For Today
Ethereum (ETH) Price Outperforms Bitcoin By 1.81%
After hitting its lowest level since April 2021 earlier this month, ETH/BTC pair rallied 1.81% on Thursday in its 3rd consecutive green day. However, ETH price in USD didn’t show any significant gain or loss till press time.
In the last 24 hrs, Ethereum trading volume has soared 80% as $45 billion worth of ETH changed hands on different crypto exchanges. As a result, Ethereum price sits at $2,580 as traders target $3,000 in anticipation of spot Ethereum ETF.
Arbitrum (ARB) Price Hits A New ATH As Solana Disappoints
The clear winner in the past 24 hrs seem to be Arbitrum price which soared to a new all-time high on Thursday. At the time of writing, ARB price stood at $2.28 as traders targeted the 1.618 fib retracement level around $2.52. This translated into a 2.27% gain in the 4th consecutive day of uptrend.
However, Solana price disappointed the investors as SOL price dipped 3.04%. It once again failed to break above $100 and changed hands at $98.8.
SUI Price Soars 6% As TVL Continues To Grow
Another coin which remained in focus was SUI which was up 6%. The positive price action follows a similar increase in SUI price in its previous session. The asset may hit $1 very soon if it overcomes the resistance at $0.92. Its trading volume remained $284 million on Thursday showing a significant growth.
