Valkyrie Bitcoin ETF Soars As Rivals Extend Declines
The Valkyrie Bitcoin ETF (BRRR) has seen a significant rebound, with a surge of over 12% in pre-market trading. This comes after four consecutive days of declines since inception, indicating a significant rebound.
The upswing could be attributed to the massive Bitcoin acquisition by the Valkyrie Bitcoin Fund, which added 355 BTC worth over $15 million. BRRR had been experiencing a drop in value since its launch on January 11, opening at $14.10 on Thursday.
It then plunged by 5.74% and closed at $13.29. However, the recent pre-market push has propelled the price closer to its opening price, suggesting a phenomenal recovery.
Valkyrie’s major competitors, such as Grayscale’s GBTC and BlackRock’s IBIT, also experienced tumbles in the pre-market session, with GBTC dropping 0.57% to $38.10 and IBIT slumping by 1.25% to $24.72.
With inputs from Shikha Singh
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