Bitcoin consolidated after briefly rallying past $47,000 on optimism that regulators are set to approve the first US exchange-traded funds investing directly in the world’s largest digital asset.

The token dipped to $46,739 as of 6 a.m. Tuesday in London after a 6.5% jump on Monday in the US to a 21-month high. Bitcoin’s new year climb now stands at 10%, contrasting with drops over the same period in stocks and gold.