Friday, November 10, 2023 – The emergence of BlackRock’s Ethereum ETF plans has sent the ETH price surging through the $2,000 mark and has injected even more FOMO into the race to invest in the Bitcoin ETF Token ($BTCETF).
Meanwhile, Bitcoin is trading at $37,400 with bulls targeting $40,000 well before the month is out, while the Bitcoin ETF Token has already attracted $271,000 from eager investors.
BlackRock is the largest asset manager in the financial industry and where it goes others follow. The financial giant has already laid down the gauntlet with its application for a spot Bitcoin ETF. Now it has emerged, following its registration of a corporation in Delaware called the iShares Ethereum Trust, that it wants to bring a spot Ethereum ETF to market too.
Late yesterday Nasdaq filed a listing for the iShares Ethereum Trust, confirming the BlackRock news. iShares is the brand of the BlackRock ETF business.
To get an idea about why everyone in crypto is so excited about the possibility of a spot ETF, be it Bitcoin or Ethereum, the US ETF market is valued at around $7 trillion. By comparison, the total US equity market is sized at $44 trillion.
Exchange-traded funds already exist for crypto assets but in the US they are confined to the regulated futures market, where funds such as the ProShares Bitcoin Strategy ETF (BITO) dominate.
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A spot product would provide retail and institutional investors with direct exposure to Bitcoin in a way that futures do not. ETFs will provide all types of investors with cheap and easy exposure to Bitcoin (and Ethereum) using a regulated vehicle. Analysts expect the approval of ETFs to open the floodgates of new money coming into the asset class.
Bitcoin ETF Token buyers are getting FOMO.
Bitcoin ETF Token’s raise rate for the ICO is speeding up against the backdrop of growing excitement and anticipation for the launch of the first fund on January 10th, or possibly even sooner after an eight-day window for application approval was opened earlier this week.
The US Securities and Exchange Commission could choose to approve all 12 spot Bitcoin ETFs that have submitted applications, although that is probably unlikely.
Nevertheless, analysts at Bloomberg Intelligence believe there is a 90% probability of a spot Bitcoin ETF being approved by the January 10 deadline for the ARK 21 Shares Bitcoin ETF. No wonder the Bitcoin ETF FOMO is reaching a frenzied pitch.
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Spot Bitcoin ETF approval will be a thunderbolt signaling new highs ahead for crypto assets – which is why investors want to buy the Bitcoin ETF Token.
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