On the second day of the listing of spot Bitcoin ETFs, digital currencies experienced another sell-off. Bitcoin experienced a intraday decline of over 8%, and as of press release, it was trading at $42314.2.

Ethereum fell by over 4%, while Ada coin fell by over 6%.

The US Securities and Exchange Commission (SEC) approved on Wednesday that the first batch of spot Bitcoin will begin trading on Thursday, January 11th. Bitcoin experienced significant fluctuations throughout the day on January 11th. On Thursday morning Eastern Time, Bitcoin rose above $49000 in intraday trading, reaching a new high since December 2021, with an intraday increase of approximately 6.8%. However, the enthusiasm quickly faded, and Bitcoin fell within the day, returning below $46000.

On Friday (January 12th local time), cryptocurrency concept stocks generally fell sharply, with BlackRock's spot Bitcoin ETF (IBIT) falling nearly 6%, Coinbase falling more than 6%, Marathon Digital falling 12.5%, and Riot Platforms falling 7%.

The two consecutive days of poor performance have caused investors who rushed in on the first day of Bitcoin's listing to suffer significant losses. Based on BlackRock's ETF, they invested $10000 on Thursday, leaving only $8300 on Friday.

Renowned American financial commentator Peter Schiff said:

So far, the selling of Bitcoin, Bitcoin ETFs, and other Bitcoin related stocks has been surprisingly orderly. I want to know when selling will become more aggressive.

Market participants generally believe that the price of Bitcoin will benefit from ETF listings, but this will take some time as new cryptocurrency investors become more familiar with this asset and gradually enter the market.

Many investors also have this expectation that the long-awaited approval of Bitcoin spot ETFs will trigger a sell-off, as Bitcoin has risen by more than 60% in the past three months and the market has already digested this big positive news.

The Chairman of the Securities and Exchange Commission (SEC), Gensler, has released a statement on the SEC website approving Bitcoin spot ETFs. The Chairman of the US Securities and Exchange Commission, Gensler, stated that although we approved the listing and trading of some Bitcoin spot ETFs on Wednesday, we did not approve or endorse Bitcoin. Bitcoin is a speculative and highly volatile asset. The approval of Bitcoin spot ETFs will bring more regulation.

Gensler stated that these products will be listed and traded on the registered national stock exchange. These regulated exchanges must establish rules aimed at preventing fraud and manipulation, and we will closely monitor them to ensure that they comply with these rules. In addition, the committee will conduct a comprehensive investigation into any fraudulent or manipulative behavior in the securities market, including plans to use social media platforms. Such regulated exchanges also have rules aimed at resolving certain conflicts of interest and protecting the interests of investors and the public.