21Shares to Liquidate Bitcoin and Ethereum ETFs
21Shares is set to liquidate its Bitcoin ETF ARKC and Ethereum ETF ARKY, impacting the crypto market.
The liquidation signals a response to changing market demands, affecting Bitcoin and Ethereum values amid broader crypto market evaluations.
21Shares Withdraws ARKC and ARKY ETFs Amid Market Shifts
21Shares has announced the liquidation of its Bitcoin ETF ARKC and Ethereum ETF ARKY. The decision responds to changing market demands and aligns with the firm’s strategy. Ophelia Snyder, President of 21Shares, emphasized their focus on innovative crypto investment solutions. Snyder highlighted the importance of offering relevant financial products for evolving markets.
Bitcoin and Ethereum Slip Following ETF Liquidation News
The liquidation announcement led to a decline in Bitcoin and Ethereum prices. Bitcoin fell by 3.2%, while Ethereum decreased by 2.8% in the past 24 hours.
Cathie Wood of ARK Invest stated the closure reflects crypto markets’ dynamic nature. Michael Saylor emphasized that only the strongest products will endure as the sector matures.
Michael Saylor, Executive Chairman of MicroStrategy, commented, “ETF liquidations are part of a maturing market. The strongest products will survive and thrive. Bitcoin’s fundamentals remain strong, and I expect increased institutional adoption in the coming years.”
Parallels Drawn with VanEck’s Bitcoin Strategy ETF Closure
In a similar vein, VanEck ended its Bitcoin Strategy ETF due to low assets in 2022, showing parallels with 21Shares’ decision. Both cases reflect adapting to market realities. Michael Saylor predicts increased institutional crypto adoption, citing Bitcoin’s strong fundamentals. This perspective suggests future opportunities despite current ETF closures.
