Bitcoin ETF

Bitcoin

Spot

Rise

Comments continue to be made about the <a href="https://en.coin-turk.com/tom-lee-predicts-bitcoin-could-reach-six-figures-before-2024-halving/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> ETF, which has remained uncertain for the past few months and is expected to rewrite the fate of the entire cryptocurrency <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market</a>.
Founder of Pantera Capital, Dan Morehead, made a statement about why the ETF is so important in a recent post. On November 21, Dan Morehead, managing partner of Pantera Capital, predicted the approval of a spot Bitcoin ETF in the near future and discussed its potential impact.
The old Wall Street saying “buy the rumor, sell the news” clearly worked in the crypto market after two major regulatory announcements. When Bitcoin futures trading started on the CME in December 2017, it marked the peak of the $20,000 bull market. In early February, <a href="https://en.coin-turk.com/bitcoin-analyst-warns-of-potential-correction-altcoins-at-risk/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> had lost 65% of its value.
Furthermore, on the day of Coinbase’s IPO in April 2021, the price of BTC was around $65,000, but it had lost 54% of its value by July of the same year.
<img decoding="async" class="aligncenter size-full wp-image-279106" src="https://coin-turk.com/wp-content/uploads/2023/11/bitcoin-etf-eth.png" alt="" width="749" height="414">
During this period, speculators bought the rumor and sold the news. In addition, BTC futures trading did not open the markets to new investors and only provided a small amount of arbitrage opportunity during this period. Also, changes in the ownership of Coinbase shares did not pose a problem for accessing Bitcoin.
This is different. The BlackRock ETF is fundamentally changing access to Bitcoin. It will have a very significant (positive) impact.
According to the statement made by the Pantera executive, opinions that several spot BTC ETFs will be approved within a few months are increasingly strengthening. Contracts on the Chicago Mercantile Exchange support futures crypto ETFs. In addition, a spot product is also supported by the underlying asset itself. Therefore, issuers will need to buy BTC to offer potential contracts to their customers.
<h2 style="text-align: justify" id="comparisons-with-spot-gold-etf">Comparisons with Spot Gold ETF</h2>
The existence of an ETF is a very important step towards becoming an asset class. When an ETF exists, if you are not exposed to it, you are effectively short.
Analysts compare this process to the launch of the first spot gold ETF in November 2004. With the ETF making gold a valid investment, demand for the asset quickly increased. By the end of 2011, gold prices had risen by more than 300% to $1,800 per ounce.
If BTC demand witnesses a similar movement to that of gold, it could potentially rise to $150,000 in the next few years. Bitcoin is currently trading at $37,363.
<div class="sorumluluk_reddi" style="text-align: justify">Disclaimer: The information contained in this article is not investment advice. Investors should be aware that cryptocurrencies carry risks due to their high volatility and should conduct their own research before making any transactions.
</div> Continue Reading: <a href="https://en.coin-turk.com/the-rise-of-spot-bitcoin-etf/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/the-rise-of-spot-bitcoin-etf/</a>

The Rise of Spot Bitcoin ETF

Table of Contents

COINTURK NEWS

Other articles published on Nov 21, 2023

Kraken Co-founder Defies SEC Allegations Amidst New Lawsuit

Endgame For Binance? US DOJ Seeks $4 Billion Settlement, CZ Braces For Charges

U.S. Senator Criticizes SEC’s Approach to Kraken Case, Cites Customer Impact

Bitcoin Faces Supply Challenges At $38K, Indicating An Inflection Point: Can BTC Price Maintain S...

“Rugpull” Alert in This Altcoin! Price Dropped 100 Percent!

Litecoin: Why investors should keep a close eye on whale activity

Join our free newsletter for daily crypto updates!