As per the official announcement from the SEC, Bitcoin Spot ETFs have received approval and are scheduled to commence trading starting tomorrow.
Photo by Choong Deng Xiang on Unsplash
As reported in recent developments, the SEC has officially granted approval for the Bitcoin Spot ETFs, as announced by the CBOE.
These ETFs, set to begin trading tomorrow, have garnered consensus among experts who anticipated their approval today.
The BTC Spot ETFs mark a pivotal moment in the cryptocurrency sector, facilitating the involvement of traditional financial investors and serving as a means to directly hold Bitcoin.
The United States has become the ninth country to give its approval for spot Bitcoin ETFs. Other countries, including Canada, Germany, Brazil, Australia, Jersey, Switzerland, Liechtenstein, and Guernsey, already have operational spot Bitcoin ETFs.
VanEck envisions substantial inflows, exceeding $2.4 billion, into spot Bitcoin ETFs during Q1 2024, assuming approval is granted at the year's outset. Bitwise predicts that within the next five years, spot Bitcoin ETFs in the United States will amass $72 billion in assets under management.
Now that Bitcoin ETFs have secured approval, attention in the market is shifting towards the potential approval of an Ethereum ETF, given Ethereum's status as the second-largest cryptocurrency after Bitcoin. Both BlackRock and Fidelity have previously submitted filings for spot Ether ETFs.
The approval of Bitcoin ETFs has opened the doors for further adoption of crypto assets through regulated investment vehicles in the United States.
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