BTC’s price dropped 3% in minutes as Eric Balchunas tweeted news of the refiling before quickly recovering to almost pare the losses.
Bitcoin (BTC) is facing turbulence amid asset managers filing last-minute Form S-1 updates for their spot Bitcoin exchange-traded funds (ETF) with the United States Securities and Exchange Commission (SEC).
On Jan. 9, the price of Bitcoin briefly fell 3% on Binance, tumbling from $47,000 to $45,600 in five minutes, according to data from TradingView. It quickly bounced back to nearly $47,000, trading at $46,717 at the time of writing.
The spike in volatility came amid asset managers like BlackRock and VanEck filing more S-1 updates just a day before the expected spot Bitcoin ETF approval date on Jan. 10. ARK Invest and 21Shares followed BlackRock and VanEck, filing their S-1 amendments on Jan. 9 as well. Grayscale Investments also joined the scramble, updating its S-3 form.
