Live updates: Market nervousness persists as the AI selloff deepens

Switzerland’s financial regulator, FINMA, said it approved a bitcoin exchange-traded fund (ETF) for the first time.

FINMA did not disclose the issuer of the ETF.

Switzerland was the first jurisdiction to approve cryptocurrency exchange-traded products (ETPs). Regulation preventing ETFs from holding only a single asset meant such funds could not be defined as such and so were listed under the umbrella “ETP” designation.

FINMA has now approved an exemption to allow ETFs holding only bitcoin reflecting its “long trading history and particularly high trading volume compared with other cryptocurrencies.”

Market jitters persist as the AI selloff deepens. South Korea’s KOSPI fell almost 4%, accompanied by one of the weakest IPO debuts in the country’s history, with data centre company Elice tumbling around 30%.

The weakness carried into U.S. pre-market trading, with CoreWeave (CRWV) down 4%, Cipher Digital CIFR falling 2% and IREN IREN losing 3%. The Invesco QQQ ETF also traded lower, reflecting broader pressure on technology stocks.

Bitcoin edged lower over the past 24 hours but held above $81,000, while gold slipped almost 1% to just above $4,110 an ounce. Brent and WTI crude oil each climbed a further 2%.

Long-dated U.S. Treasuries appear to be attracting defensive flows, with the iShares 20+ Year Treasury Bond ETF (TLT) rising 0.5%.