- Spot Bitcoin ETFs are facing redemptions as the underlying cryptocurrency sells off.
- Analysts remain optimistic about Bitcoin’s future growth despite the current pullbacks.
- BlackRock’s iShares Bitcoin Trust has amassed approximately $15 billion in assets since its launch in late January, the quickest new ETF has reached that level.
Spot exchange-traded funds, including the iShares Bitcoin Trust (NASDAQ:), Grayscale Bitcoin Trust (BTC) (NYSE:), Fidelity Wise Origin Bitcoin Fund (NYSE:), ARK 21Shares Bitcoin ETF (NYSE:) and Bitwise Bitcoin ETF (NYSE:), have seen redemptions in recent days, highlighting the volatile nature of these new securities.
However, analysts are forecasting plenty of room for Bitcoin to run, meaning that the current selling may be simply a round of profit-taking following a huge run-up in February and the first half of March.
BlackRock’s IBIT launched in…
