Bitcoin (BTC) Price Dips Ahead of VanEck ETF Launch Tomorrow

Bitcoin (BTC) price is down 2% on the day to trade below the $65,000 mark again after closing 3.5% higher last week.

The world’s largest cryptocurrency touched a new all-time high last week near $69,000 before correcting lower on profit-taking.

The cryptocurrency industry is preparing for the launch of the VanEck Bitcoin Strategy ETF (XBTF) tomorrow. The Bitcoin ETF will be listed on Cboe tomorrow and will be the lowest-cost bitcoin-linked ETF.

The ETF will be actively managed by Greg Krenzer, Head of Active Trading for VanEck.

“While a ‘physically backed’ bitcoin ETF remains a key goal, we are very pleased to be providing investors with this important tool as they build their digital asset portfolios,” said Kyle DaCruz, Director, Digital Assets Product with VanEck.

“Cost and tax treatment are two essential considerations for investors, and we have made both front and center in the design of XBTF. Investors deserve lower cost, transparent, regulated bitcoin exposures, and we’re pleased to be leading that charge with the launch of XBTF and all of our ongoing efforts in the bitcoin and digital assets space,” DaCruz added.

On Friday, the SEC rejected investment firm VanEck’s proposal for a spot Bitcoin ETF.

Elsewhere, Ethereum (ETH) price is down about half a percent to trade near the $4,600 mark.

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