Yes, Spot Bitcoin ETFs Are off to a Rocking Start, but Now It’s Time To Move to Ethereum
This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
If historical analogs continue to hold true, and we have no evidence at this time that they would not, Ethereum is all set to take the crypto leadership mantle now that spot Bitcoin ETFs have begun trading.
$1B in 4 mins of Bitcoin ETF trading https://t.co/Jq1Q64GvXJ
— On-Chain College (@OnChainCollege) January 11, 2024
The cumulative volume of spot Bitcoin ETFs hit $1 billion in just the first four minutes of trading! This is a phenomenal level of activity, even against already-elevated expectations.
Just wow: $BTC surpassed $48,000 and is approaching $49,000 following the record-breaking trading volume of Spot #Bitcoin ETFs. https://t.co/bmtBrxShhx pic.twitter.com/kYqQChytHj
— COIN360 (@COIN360com) January 11, 2024
What's more, Bitcoin has now hit a new 2024 high, having zoomed past the $48,000 price level and quickly approaching the $49,000 handle.
The ETFs open up new institutional flows that waited for regulatory and SEC approval. It's a green flag. But there's even more. The ETFs were only approved for CASH subscriptions (not in-kind). So every purchase takes more Bitcoin off the market.
This metric is going higher.
— Charles Edwards (@caprioleio) January 11, 2024
For the benefit of those who are still not sure how the launch of these spot Bitcoin ETFs affects the world's preeminent cryptocurrency, every unit of these ETFs that is purchased translates into actual Bitcoin purchases in real-time, barring settlement-related delays.
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