Jack Tan, Co-founder of WOO, highlights Bitcoin's price movement after the historic approval of the first BTC exchange-traded funds (ETF) by the US SEC. The approval marks a landmark moment for the $1.7 trillion digital asset sector, enhancing access to the leading cryptocurrency on both Wall Street and beyond.
"Hallelujah! Finally, the day has come after an excruciating wait, filled with enough twists and turns to make any Hollywood movie jealous. The SEC’s "fake Twitter post", a day before the BTC ETF approval release, gave valuable insights as to where money will flow next," Jack Tan, Co-founder of WOO said in a note to the media.
Tan told Bloomberg, "BTC did not experience significant price changes so expect a tight band of 10% for a couple of days post-announcement, followed by a continued uptrend into the halving."
In a Telegram message to CoinDesk, Tan noted that "ETH on the other hand, and others in the ETH ecosystem like LIDO, ENS, and MKR experienced sharp up moves which should continue to take the attention away from BTC as traders now must position for the possibility of an ETH ETF."
Spot crypto ETF in Asia
Tan said Hong Kong, Australia, and Singapore could be next to roll out a spot crypto ETF. “The "brand" of BTC and potentially ETH next if approved, will likely significantly add to the trust of this asset in Asia, but price action could be the biggest determinant. If price performance is good, it should draw in more retail from Asia for sure. If more "in-kind" ETFs get approved, it'll reduce the supply on exchanges and potentially help move prices even higher as well.”
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