Spot Bitcoin ETF Approval in the US Could Drive North America’s Crypto Fund Trading Volume to 99.5%
Bloomberg analyst Eric Balchunas predicts that if spot Bitcoin exchange-traded funds (ETFs) are approved in the United States, North America could capture 99.5% of global crypto fund trading volume.
- North America already accounts for 97.7% of worldwide crypto ETF trading volume.
- Several spot Bitcoin ETF applications are currently under review by the SEC.
- The SEC’s decision on Ark Invest and 21Shares’ joint Bitcoin ETF application is expected by August 13.
- Blockchain and crypto-focused funds dominate the top ETF performers of 2023.
- The Valkyrie Bitcoin Miners ETF is the top performer, with returns of 227% year-to-date.
The potential approval of spot Bitcoin ETFs in the US holds significant importance as the top-performing equity ETFs in 2023 all have exposure to the crypto and blockchain space. The SEC’s cautious approach is driven by concerns about market manipulation and investor protection. However, if approved, it could pave the way for institutional investment and mainstream adoption of Bitcoin and crypto.
Hot Take
If spot Bitcoin ETFs are approved in the United States, it could solidify North America’s dominance in global crypto fund trading volume, potentially reaching 99.5%. This approval would also open doors for increased institutional investment and drive the mainstream adoption of cryptocurrencies.
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