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Franklin, a trillion-dollar asset manager, has made its latest move while the BTC price has been fluctuating for 24 hours. Recent statements from Fed Chair Powell and the current state of the economy have shaken risk markets. Additionally, Powell’s opposition to the BTC reserve concept complicates matters further.
BTC Decline and Crypto ETF
Today, Franklin filed for a new fund named the Crypto Index ETF with the SEC. This ETF offers simultaneous investment opportunities for BTC and ETH, allowing investors to allocate resources to both major cryptocurrencies. Bank of New York Mellon will serve as the fund’s cash custodian, while Coinbase Custody will provide custody services for the cryptocurrencies.
Despite being named a crypto index ETF, different cryptocurrencies cannot be added to the index without a rule change. Consequently, investors will solely be able to invest in BTC and ETH.
At the time of writing, BTC stands at $100,286. The partial submission of El Salvador to the IMF, recent Fed announcements, and Trump’s continued silence are contributing to this decline. Over the coming hours, it is crucial for newly elected President Trump to address cryptocurrencies positively to support a market recovery.
