Spot Bitcoin ETF Popularity in the US
The popularity of the Spot Bitcoin ETF is making waves in Nevada and Washington DC, with these regions leading the way in terms of interest. According to a survey by CoinGecko, Nevada has scored a perfect 100, while Washington DC closely follows with an impressive score of 93. Surprisingly, financial and tech hubs like New York and California are lagging behind in the 7th and 8th positions, with scores of 77 and 71 respectively. This suggests a decentralized trend in Bitcoin ETF enthusiasm across the United States. Meanwhile, New Jersey and New Hampshire are not far behind with scores of 88 and 87.
It’s interesting to note that despite their prominence, New York and California are falling behind, indicating a shift in the landscape of Bitcoin ETF interest. On the other hand, states like Mississippi and North Dakota have the least interest, with scores as low as 19, highlighting the varying levels of enthusiasm for these financial instruments.
However, the analytics show that there is interest across all 51 states, with each state’s interest ranging between 0.7% and 3.8%. This suggests that there is nationwide anticipation for the introduction of the country’s first Spot Bitcoin ETF.
Possibility of Sell-The-News Event
As we approach the approval of the first Spot Bitcoin ETF, there is a debate within the crypto community about whether it could trigger a “sell-the-news” reaction. Major players like BlackRock are advocating for its acceptance despite Bitcoin’s recent surge above $450,000.
According to a report by K33 Research, the decision on Bitcoin spot ETFs is expected between January 8 and January 10. Analyst Vetle Lunde suggests that regardless of the timing, approvals may lead to a sell-off. Lunde assigns a 75% probability to the sell-the-news scenario, a 20% chance of approval, and a 5% likelihood of ETF denial, despite positive signals from recent meetings and updated prospectuses filed with the Securities and Exchange Commission.
Hot Take: The Spot Bitcoin ETF Frenzy
The Spot Bitcoin ETF frenzy is in full swing, with Nevada and Washington DC leading the way in terms of interest. This decentralized trend in Bitcoin ETF enthusiasm across the United States is evident as financial and tech hubs like New York and California lag behind. However, there is nationwide anticipation for the introduction of the country’s first Spot Bitcoin ETF, with every state showing some level of interest. As we approach the approval decision, there is a debate within the crypto community about whether it could trigger a “sell-the-news” reaction. Analysts suggest that regardless of the timing, approvals may lead to a sell-off.
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