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Bid-ask spreads on major U.S. exchanges like Coinbase and Kraken have tightened post-spot ETF approvals, signaling enhanced market liquidity and depth, analysts at Kaiko say. 
Bid-ask spreads for Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>), which represent the difference between the highest bid and lowest ask prices, have decreased significantly post-approval, indicating an improvement in market liquidity and deeper trading activity. 
In a recent research report, analysts at <a href="https://crypto.news/tag/kaiko/" target="_blank" rel="noreferrer noopener">Kaiko</a> revealed that U.S.-based crypto exchange <a href="https://crypto.news/tag/kraken/" target="_blank" rel="noreferrer noopener">Kraken</a> experienced the highest volatility in spreads during January, reaching a peak of 10 basis points on Jan. 20. Similarly, spreads on <a href="https://crypto.news/tag/bitstamp/" target="_blank" rel="noreferrer noopener">Bitstamp</a> and <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noreferrer noopener">Coinbase</a> also peaked between Jan. 8 and Jan 13 at 6.7 and 1.7 basis points respectively, before plummeting to below 1 basis point in recent weeks. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="603" src="https://crypto.news/app/uploads/2024/02/hpidsuhfusd-1024x603.png" alt="Bitcoin, Ethereum price gaps narrow on U.S. crypto exchanges post-spot ETF approvals - 24" class="wp-image-14245749">
 <figcaption class="wp-element-caption">
 Bid-ask Bitcoin spread on crypto exchanges | Source: Kaiko
 </figcaption>
</figure> 
Kaiko pointed out that the trend extends beyond U.S. markets and Bitcoin, as the average bid-ask spread for the most liquid BTC and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) trading pairs has also declined across various crypto exchanges. 
<blockquote class="wp-block-quote"> 
 “Coinbase and Kraken saw the strongest decline while the drop was less pronounced on Binance and OKX, which already offer very low spreads.” 
 Kaiko 
</blockquote> 
Analysts say the approval of spot exchange-traded funds (ETFs) will eventually fuel a new wave of competition among exchanges, as Coinbase has already announced fee waivers for large traders, which is expected to further drive down spreads. 
As crypto.news earlier <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/">reported</a>, the U.S. Securities and Exchange Commission (SEC) has greenlit all spot <a href="https://crypto.news/tag/bitcoin-etf/" target="_blank" rel="noreferrer noopener">Bitcoin ETF</a> applications. Nonetheless, Gary Gensler, who has maintained a critical stance on cryptocurrencies since assuming leadership of the U.S. financial regulator, reiterated in a <a href="https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023" target="_blank" rel="noopener">statement</a> that the SEC “did not approve or endorse Bitcoin,” despite approving spot ETFs. 
 Read more: <a href="https://crypto.news/google-sees-spot-bitcoin-etf-ad-campaigns-as-icos-remain-banned/"> Google sees spot Bitcoin ETF ad campaigns as ICOs remain banned </a>

Bitcoin, Ethereum price gaps narrow on U.S. crypto exchanges post-spot ETF approvals

crypto.news

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