Spot Bitcoin ETF: Vanguard Apologizes for Lack of Crypto Vision
It has been just a week since spot Bitcoin ETF products were launched in the United States, and Vanguard Asset Management, one of the main critics of the move, is already backtracking on its stance toward the product.
The Vanguard Group caused a stir in the crypto ecosystem last week when it reiterated its position of never supporting spot Bitcoin ETF products. Not only did the firm express disinterest in the product, but it also reportedly took proactive steps to block trading of the product through its platform.
However, less than a week after making its intentions known, the firm is now reportedly apologizing to its clients for the management’s “lack of vision” in the crypto space. Market advocate Mike Alfred brought this update to the forefront and it has sparked a range of reactions within the Crypto X community.
According to Alfred, he spoke with Merrill and Vanguard and requested to withdraw all of his funds with them. He mentioned that both firms connected him with a Senior Account Manager who, in both cases, apologized and acknowledged that many clients have contacted them to complain about the same issues. Alfred noted that the representatives told him that they personally owned Bitcoin and recognized that the Bitcoin revolution was just beginning.
Fox Business Journalist Eleanor Terrett echoed Alfred’s update, adding further legitimacy to the claims. However, neither Merrill nor Vanguard has confirmed the update, although it is currently generating significant interest within the crypto ecosystem.
Turning to the current state of the Bitcoin market, the launch of the spot Bitcoin ETF generated a lot of enthusiasm, with over $4 billion traded on the first day. Impressive figures were also recorded on the second day, but the initial hype has since diminished compared to what many had anticipated.
It is worth noting that the underlying asset, Bitcoin, has not impressed traders, as the launch of the spot Bitcoin ETF did not push the price above the $50,000 resistance level. In fact, Bitcoin has dropped as low as $41,000 due to intensified selling, lending legitimacy to Vanguard’s claims about the asset’s instability. Currently, traders are now looking towards the next Bitcoin halving, with Gert van Lagen predicting that the price could reach $200,000 before the event occurs.