The SEC Approves Spot Bitcoin ETFs
The United States Securities and Exchange Commission (SEC) has granted approval for multiple spot Bitcoin exchange-traded funds (ETFs) to be listed on registered national exchanges in the country, including the Nasdaq, NYSE, and CBOE. This marks the end of a decade-long search for these products.
ETFs to Go Live on Jan. 11
The approval means that spot Bitcoin ETFs will begin trading at the CBOE from 9 am on January 11 when the U.S. stock market opens. The SEC’s filing mentioned 11 issuers who have received the green light to list Bitcoin ETFs.
Amended Applications and Lower Fees
Before the approval, firms such as BlackRock and ARK 21Shares filed amended applications disclosing even lower fees than previously mentioned. Bitwise currently offers the lowest fees at 0.2%, followed by ARK 21Shares, BlackRock, and Fidelity.
Impact on BTC Price
Upon the SEC’s announcement of acceptance for several bids, the price of Bitcoin experienced volatility and price swings, trading below $46,000 at press time. The previous day, BTC prices fluctuated due to a fake spot Bitcoin ETF approval message tweeted by an unknown hacker.
Investigations into Sham Approval Message
The SEC lawyers have confirmed that they will conduct internal investigations to determine the root cause behind the fake approval message. The FBI is reportedly involved in this matter as well.
Predictions for BTC Inflows
Now that spot Bitcoin ETFs have been approved, attention may shift to Ethereum and its own ETF frenzy. Wall Street expects staggered capital interest, while crypto-native entities anticipate massive price surges. Experts estimate inflows ranging from $10 billion to $100 billion in the first year.
Attention on Ethereum
Ethereum has shown resilience and gained over 9% in the past 24 hours despite the fake Bitcoin ETF approval. The focus is now on Ethereum’s ETF frenzy and upcoming technological upgrades.
Hot Take: Spot Bitcoin ETFs Approved by SEC
The SEC’s approval of spot Bitcoin ETFs marks a significant milestone in the cryptocurrency industry. This decision opens up new opportunities for investors to gain exposure to Bitcoin through regulated and traditional investment vehicles. With spot Bitcoin ETFs set to go live, the market is likely to experience increased trading activity and potential price volatility. However, the long-term impact of these ETFs remains to be seen, as factors such as government regulations and market conditions will influence their success. As attention now turns to Ethereum’s ETF frenzy, the cryptocurrency market continues to evolve rapidly, providing investors with more diverse options for participating in digital asset markets.
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