Last week, the SEC approved 11 Bitcoin Spot ETFs in the U.S., a historic moment for Bitcoin. Despite a slight price correction post-launch, the long-term outlook appears bullish. This development grants both institutional and retail investors direct exposure to Bitcoin on U.S. soil.
SEC commissioners expressed divided opinions, with the SEC chair hinting that Grayscale's court victory influenced the decision. Hester Pierce, known as 'Crypto Mom,' celebrated the approval, calling it the end of a consequential saga.
The ETFs significantly enhance Bitcoin accessibility, overcoming security, accounting, and tax limitations. While they won't alter Bitcoin's fundamentals, they are expected to drive capital into the network.
Some traders anticipate lower BTC valuations, but a contrarian view suggests upward movement as ETFs attract consistent inflows. Within three days of trading, ETFs garnered over $1.4B in capital inflows.
The question remains: How will this number evolve in 1-5-10-50 weeks?
#BullRun2024
#crypto2024
#BinanceWish
#CryptoNews
