Community speculates the next move after Bitcoin ETF approval
The US Securities and Exchange Commission has approved applications for Spot Bitcoin ETF. It is only on Thursday that the product will go live on registered national exchanges. The community had been waiting for the moment for a long time, and the approval process in itself was nearly a month-long window. With Bitcoin ETFs in place, the crypto community is speculating the next move for them.
One of the speculations is that Spot Ether ETF could be the next target, paving the way for a higher value of ETH. Fidelity, BlackRock, and other asset managers have expressed their desire to apply for Ether ETF.
Second, the community is now waiting for Bitcoin Halving, which will happen in the middle of this year. This is not speculation but more of a certain event, and the Bitcoin community knows this. The only fear is that the halving process will pass without any hype or effect on the price of BTC. ETF application approvals have taken the price of BTC above the mark of $46k. This is a strong recovery from the early days of January, the time when the crypto market crashed, and the BTC price inched closer to the value of $41k.
It is a rise of 8.42% in the last 7 days and 11.68% in the last 30 days.
Specifically for the Bitcoin ETF, players in the market are attempting to entice customers to establish an association with them. BlackRock has cut its sponsor fee from 0.3% to 0.25%. Ark Invest has reduced its sponsor fee from 0.25% to 0.21%. Others are expected to announce their move as soon as possible.
BlackRock and Fidelity are also expected to be the first ones to launch their products after the registration process concludes on Thursday. Other asset managers may take their time or may not launch their Bitcoin ETF product at all. An ideal move, nonetheless, would be to lower their fees for a good business.
Ether ETF’s emergence is due in part to the fact that it is the next major token following Bitcoin. ETH has increased in value by 9.58% over the past twenty-four hours, reaching $2,638.98 when Bitcoin is trading at $46,748.73.
However, SEC Chair Gary Gensler has clarified that although the Commission has approved applications, that does not imply a universal product endorsement. Traders are advised to exercise prudence prior to allocating their funds towards Spot Bitcoin ETPs. Additionally, Gary stated that ten additional applications are pending approval by authorities in the coming days, guaranteeing investors a level playing field.
Experts have hinted that there could be some volatility in the next 2–3 days. There could also be an inflow of capital in the sphere, giving asset managers access to a larger fund to be diverted to Bitcoin.
