After a decade since the submission of the first Bitcoin Spot ETF application in the U.S. last week no less than 11 Bitcoin Spot ETFs were approved by the SEC!
The approval of the ETF marks one of the most monumental moments in Bitcoin's history.
This news is absolutely massive - and while price has traced back a bit since the exuberant levels on launch day, I cannot understate how bullish I think this is for long term price appreciation.
Institutional and retail investors alike now have access to investable vehicles on US soil that gives direct exposure to Bitcoin. Bullish!
SEC Commissioners in Divided Opinion Despite Approval
By analysing the statements made by the commissioners of the SEC, it is obvious how torn they have been about approving the ETFs.
Particularly comments made by the SEC chair himself tells me that had it not been for Grayscale winning in court over the SEC, it is likely the ETFs would not have been approved.
His counterpart, Hester Pierce – also known as 'Crypto Mom' – celebrated the decision, noting that the approval of a Bitcoin spot ETF in the U.S. 'marks the end of an unnecessary but consequential saga.’
ETFs are Trading: What now?
The ETFs are a big deal for Bitcoin because it makes investing in BTC so much more accessible for the masses. Especially for those limited by the security, accounting, and tax implications the ETFs are a gateway to BTC exposure.
In other words, we can expect the Bitcoin ETFs to do wonders for the capital influx into the Bitcoin network. One thing they don’t change, however, is Bitcoin’s fundamentals.
There’s a number of traders who are currently calling for lower valuation levels of BTC. Personally, I like to take a contrarian view on where BTC is moving next, and I think once we start seeing that the ETFs are providing consistent inflows on a weekly basis we will march higher in price.
After all, the net inflows into the ETFs has already passed $1.4B in capital inflows after just three days of trading. My question to you is: What will that number be in 1-5-10-50 weeks?
Ulrik Lykke on X
Noteworthy Mentions
The Little Book About Bitcoin Investing
I recently crafted a concise 20-page educational booklet on Bitcoin Investing. This comprehensive read delves into various aspects, including technology trends, monetary theory, and my personal Top 5 Reasons why Bitcoin stands as a sensible investment.
Ulrik Lykke on X
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