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Bitcoin and Ethereum Funds Fall on Profit-Taking
Thematic Top Story for the week from December 11th to December 15th, 2023.
By Trackinsight
December 19, 2023
- Cryptocurrency
- Bitcoin
- Ethereum
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The current year has been remarkable for cryptocurrencies with triple-digit performance returns ensuring recognition as 2023's top-performing asset class.
The recent rally had been fueled by growing expectations that the U.S. Securities and Exchange Commission could approve the first spot bitcoin exchange-traded fund in early January. Bitcoin jumped by more than 50% between mid-October and early December, breaking the $40,000 threshold that had not reached since April 2022. The cryptocurrency even topped $44,000 during the first week of December.
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However, these hopes may well have been somewhat ambitious. Indeed, the U.S. Securities and Exchange Commission (SEC) rejected a petition from U.S. crypto exchange Coinbase on Friday, urging the regulator to create a system of bespoke rules for digital assets. Worried by such a response, some investors have already started to take their profits and consequently Cryptocurrency funds slid 3.24% last week.
The FT Wilshire Bitcoin Blended Price Index (FTWBTC) and the FT Wilshire Ethereum Blended Price Index (FTWETH) lost 4.87% and 5.63% respectively over the previous week.
The ETC Group Physical Bitcoin (BTCE) declined by 5.79% and registered negative flows of $13 million, while the CoinShares Physical Ethereum (ETHE) lost 6.45% and saw $4 million in outflows.
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