Bitcoin spot exchange-traded funds (ETFs) have achieved an impressive milestone, crossing the $10 billion trading volume. Mark just four days after their official launch. This rapid success signals a significant shift in the industry landscape, providing investors with a regulated and easily accessible avenue to gain exposure to Bitcoin, eliminating the complexities associated with direct cryptocurrency ownership.
Bitcoin Spot ETFs Surpass $10 Billion in Trading Volume in Four Days
The Securities and Exchange Commission (SEC) greenlit 11 spot Bitcoin ETF applications last Wednesday. Ushering in a historic moment as these funds commenced trading on Thursday. This development is particularly noteworthy in the United States, the world’s largest economy, where investors now have a regulated mechanism to engage with Bitcoin.
Historically, the SEC had rejected multiple spot Bitcoin ETF filings, expressing concerns about market volatility, liquidity, and the potential for manipulation. Notably, Grayscale’s attempt to transform its Grayscale Bitcoin Trust. The world’s largest Bitcoin fund—into a spot Bitcoin ETF faced rejection in the past. However, a significant turning point occurred in August when the District Court of Appeals ruled in favor of Grayscale, compelling the SEC to reevaluate its initial refusal.
The recent approval of the 11 Bitcoin ETFs, including Grayscale’s, reflects a pivotal decision by the SEC. Gary Gensler, the SEC Chair, acknowledged the substantial influence of the August court ruling in facilitating these approvals. This regulatory green light underscores the growing acceptance of Bitcoin as an investment asset and signals a maturing regulatory environment for cryptocurrency-related financial products.
The swift success of Bitcoin spot ETFs breaking the $10 billion trading barrier highlights the evolving regulatory landscape. Growing interest among investors in accessing Bitcoin through mainstream financial instruments.
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“This data underscores considerably stronger profitability in the mining sector compared to challenges experienced in 2022 and part of 2023.”
In approximately six months, Bitcoin undergo a “halving,” reducing the new bitcoins awarded to miners by half. Satoshi Nakamoto introduced this event in 2009 as an anti-inflationary measure. Occurring roughly every four years, the lead-up to halvings traditionally proves the most profitable time for crypto investors. “Buying bitcoin six months before a halving and selling 18 months after has historically outperformed a ‘buy and hold’ strategy,” affirms the analyst.
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The simple way how smart investors can profit from a broken banking system. How crypto miners made 16.7 b