A depiction of a physical coin brandishing the bitcoin ‘B logo,’ in what has typically come to visually represent the asset class. Source: Adobe Stock
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While Guzman Y Gomez (ASX:GYG) listing on the ASX was the biggest event of last week, it did overshadow something else – the first bitcoin ETF to hit the ASX.

VanEck’s Bitcoin ETF listed just above $20 last Thursday, but the price had fallen on Tuesday afternoon -2.8% to $18.56/sh.

The Thursday listing was less watched than that for Guzman, and sits down -7.48% on a weekly basis (compared to Guzman’s +31% gain.)

So what can we gleam from day 3 of the stock’s run? In short: Australian investors are clearly wary on crypto.

Not helping matters in that department is a decline in the bitcoin price we’ve seen this week. Prices had fallen by as much as -8% overnight on Monday, but as at 1.20pm AEST, the bitcoin price had recovered to US$61,243 (A$91,925.)

That puts it down -5.6% over the last working week.

Year to date, however, spells a more positive story for bitcoin. The grandfather crypto asset is up 41.7% over the six months to late June after sitting dormant through most of 2023, in what many dubbed a “crypto winter.”

Just consider that as of Tuesday arvo, the bitcoin price is up 101% over the last year.

As for Bitcoin, it’s actually topped the all time highs it hit in 2021 when stimulus checks, COVID lockdowns, and a whole lot of free time pushed mammoth amounts of liquidity into crypto markets.

The same was true for equities broadly.

And, in line with the US tech-driven 2024 YTD stock rally, bitcoin prices have staged a recovery – further evidence that there’s a strong correlation between ‘traditional’ stock market activity and that on crypto markets.

Many crypto fanatics may resist such a correlation, but as the asset class gets older and more historical evidence builds, it’s a hard relationship to dismiss.

While bitcoin fell early week, some ‘alt coins’ – smaller cryptocurrencies often made by individuals which can be as low as a fraction of a penny – had risen, but, the ‘alt-coin’ class of crypto is typically far more high-risk than the increasingly mainstream offerings of bitcoin and its secondmost competitor, ethereum.

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