Bitcoin Dropped from $26,500 after Hype Around Franklin Templetons ETF Cooled Off, On-chain Data Reveals
The price volatility of Bitcoin often correlates with market news, whether bullish or bearish, as investors and the community quickly react to even minor developments, sparking brief rallies. One such recent episode was the fervor surrounding Franklin Templetons filed spot Bitcoin Exchange-Traded Fund (ETF) with the SEC. However, much like previous crowd hype around ETF news, the initial social domination declined, as revealed by on-chain metrics. Franklins Social Volume Spiked, Mirroring The BlackRock ETF Crowd Franklin Templeton, an asset manager overseeing $1.5 trillion, submitted a filing to the U.S. Securities and Exchange Commission (SEC) to join the expanding roster of asset managers looking to introduce a spot Bitcoin ETF. Dubbed the Franklin Bitcoin ETF, the planned fund is set to primarily consist of Bitcoin holdings. To guarantee the secure storage of these digital assets, the firm has entered into a partnership with Coinbase Custody Trust Company, as confirmed in an S-1 form submitted earlier this week. After the announcement, Bitcoin‘s price experienced a notable uptick, rising from $25K as investors aimed to capitalize on a potential major rally. On-chain analytics company Santiment reported a quick increase in social volume for Franklin following the news, sending Bitcoin’s price to a peak of $26.5K. The firm








