🚀 Europe's first spot Bitcoin ETF, BCOIN, launched this week, but instead of a bullish boost, BTC's price dropped to multi-month lows. 😕 This isn't the first time: a similar situation occurred in 2021 after the launch of futures Bitcoin ETFs in the US. So, are Bitcoin ETFs not as good for the industry as we thought? 🤔

BCOIN, the Jacobi FT Wilshire Bitcoin ETF, went live on the Euronext Amsterdam exchange, offering a Renewable Energy Certificate (REC) solution for institutional investors to meet ESG goals. 🌱 However, BTC's price slumped by roughly $1,500 since its weekly peak at $29,700.

Back in 2021, BTC reached an all-time high of $69,000 after the first US BTC-related ETF launch, but then plummeted by $20,000 by year-end. 😱 It'll be interesting to see how the market reacts if the SEC greenlights a spot Bitcoin ETF in the US, though that won't happen until 2024 at the earliest. ⏳