SEC Website Overwhelmed by Traffic
The SEC’s approval of Spot Bitcoin ETFs caused a surge in traffic that ultimately crashed the regulator’s official website. This unprecedented event occurred shortly after the announcement of the approval.
SEC Emphasizes Impact of CME Futures Market
After years of rejecting Bitcoin ETF proposals, the SEC finally approved ETF trading. The regulator previously cited concerns about surveillance and manipulation as reasons for rejection. However, the SEC now believes that any manipulation affecting spot bitcoin market pricing would also affect CME bitcoin futures prices, which are effectively regulated. Therefore, the SEC no longer has concerns about manipulation.
Bullish Future for Crypto Markets
The approval of Bitcoin ETFs has sparked optimism in the market, with many expecting a bullish run for digital assets. The trading community anticipates significant investment inflows, with Valkyrie Investments alone expecting an influx of $200 million to $400 million. Overall, the market could see inflows of $4 to $5 billion in the initial weeks. VanEck predicts a $1 billion increase in the first few days and $2.4 billion in a quarter. Galaxy Digital foresees a $14 billion inflow in the first year, while Bitwise estimates a market size of approximately $72 billion for spot Bitcoin ETFs within five years.
Hot Take: Crypto Market Optimism Soars Following SEC Approval
The approval of Spot Bitcoin ETFs by the SEC has ignited excitement in the crypto market. With the SEC’s acknowledgment that CME futures can detect fraudulent activities and manipulation, concerns about surveillance have been alleviated. This positive development is expected to lead to a bullish run for digital assets, with significant investment inflows predicted by various experts. As anticipation builds, traders and investors are preparing for a surge in the market, which could see billions of dollars flowing into Bitcoin ETFs in the coming weeks and months.
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