After ETF debut, Bitcoin losses speed up as Ethereum heads to 18% weekly gain

Following the introduction of eleven bitcoin exchange-traded funds (ETFs) in the United States, the cryptocurrency saw a notable decline on Friday, capping a week of positive growth.

The majority of the cryptocurrency market was down as the price of bitcoin fell by about 6% to $44,022.22. But on Thursday, it had a brief spike to $49,058.48, its highest level since December 2021.

Ether rose about 2%, extending gains from earlier in the week when it rose to highs not seen since May 2022. Some believe that the crypto market has moved to the next narrative, with ETH rallying more than bitcoin, likely on the expectation that crypto’s second largest token could also see an ETF approval.

The SEC is due to give decisions on spot ETH ETF applications beginning in May. BlackRock, Invesco, Ark, VanEck, and Grayscale are among the firms in line for approval, as well as Grayscale, which is seeking to convert its existing Ethereum Trust (ETHE) into an ETF.

Ether’s rise in 2023 was only 90%, compared to bitcoin’s 157%. Market participants believe bitcoin will benefit from ETFs, but it may take time for newcomers to enter the market. Litecoin, similar to bitcoin’s everyday payment vision, saw a 14% weekly gain, while bitcoin lagged behind.