Bitcoin ETF Approval Frenzy Begins As SEC Approves First Spot Bitcoin Funds – BTC Indifferent So Far As ETH Rises
The SEC has finally approved the first spot Bitcoin exchange-traded funds (ETFs) in the US. This monumental decision opens the floodgates for eleven Bitcoin spot ETF issuers who have been patiently waiting in the wings, marking the beginning of a new era for cryptocurrency investing. Surprisingly Bitcoin’s price barely budged, only gaining about 1% in the hours after the news broke.
There was some initial uncertainty around the legitimacy of the approvals when the SEC website went down shortly after the announcement. This doubt was further fueled by the fact that just yesterday, the SEC’s official Twitter account had been hacked. However, the website came back up and was running within a few minutes, confirming that the approval for the spot Bitcoin ETFs was, in fact, real.
Breaking from SEC- All 11 $BTC #Bitcoin Spot ETF's approved. CBOE says Spot Bitcoin will begin trading tomorrow https://t.co/oDxRvYPHuz
— Mark Newton CMT (@MarkNewtonCMT) January 10, 2024
With the Bitcoin ETF approval cemented after years of anticipation, these new spot funds are set to dramatically expand access to Bitcoin investing for millions of investors who prefer the familiar ETF wrapper. Investors can now get Bitcoin exposure in their regular brokerage accounts without being restricted to buying it directly or via futures-based funds.
The dam has burst open and set off a frenzy of activity, with various US ETF issuers scrambling to offer the most attractive fee structures to appeal to investors. Major names like ARK Invest, Bitwise, Grayscale, Invesco, and more are trying to undercut each other with slashed fees, free periods, and other benefits.
ARK Invest, partnering with 21Shares, announced zero fees for the first 6 months. Bitwise and Invesco
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