๐Ÿš€ Europe's first spot Bitcoin ETF, BCOIN, launched this week, but instead of a bullish boost, BTC's price dropped to multi-month lows. ๐Ÿ˜• 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? ๐Ÿค”

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. ๐ŸŒฑ 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. ๐Ÿ˜ฑ 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. โณ