Bitcoin Price Drops Following Spot ETF Launch; SEC Chairman Issues Warning

Trading volume on newly approved Bitcoin ETFs exceeds $5 billion despite SEC Chairman's caution about the volatile nature of Bitcoin.

Bitcoin's price fell nearly 6% to around $43,370 following the launch of the first spot Bitcoin ETFs in the U.S., with some analysts suggesting this could be a sign of more bearish times ahead.
SEC Chairman Gary Gensler warned investors that Bitcoin is a 'highly speculative, volatile asset' and that the SEC's approval of Bitcoin ETFs does not mean it endorses Bitcoin itself.
Despite Gensler's warning, trading volume on the newly approved Bitcoin ETFs exceeded $5 billion in the second full day since their launch.
Ethereum has largely held its ground, suggesting investors may be rotating out of Bitcoin and into other altcoins following the sell-off.
Asset management giant Vanguard has decided not to offer the new Bitcoin ETFs on its platform due to perceived high risk.