Btc Spot ETF Here, Where To Now?

GM, Anon! So, here we are, in a world where the BTC Spot ETF has been confirmed. It's almost unbelievable after so much time and focus has been placed on this event. Where do we go from here? Let's dive in!

ICYMI

• Crypto firm HashKey raises $100M, claims unicorn status 

• United Nations identifies USDT as a prominent choice for fraud in SEA 

• Moody’s says adoption of tokenized funds signals ‘untapped market potential’ 

• SEC agrees to delay Terra trial so that Do Kwon can attend the proceedings

• Argentina sees first Bitcoin rental agreement

• Indian crypto exchanges entice Binance & OKX investors after FIU ban

• Bitfinex stops $15B XRP ‘Partial Payments Exploit’ attack attempt

Good Meme

Narrative of the week: Everyone Is Getting An ETF

It has been a week since the confirmation of the spot BTC ETF, and the initial response in terms of price has been somewhat underwhelming. However, it's important for users and market participants to recognize that the short-term impact of this event was expected to be marked by volatility, which continues to be the case. 

To gain a more accurate perspective, it's crucial to view this event from a long-term standpoint. The entrance of billions of dollars into the crypto space through institutional investments is expected to propel Bitcoin's price to new heights. Healthy inflows have been observed for the ETF. Here are some key figures:

• The launch of BTC spot ETFs had a significant impact on the crypto industry, with approximately $4.6B in trading volume recorded on their first day of trading, which increased to over $7.6B after the second day. 

• Bitwise and Fidelity's spot Bitcoin ETFs attracted higher day-one inflows compared to their competitors, with net inflows of $238M and $227M, respectively. BlackRock's iShares Bitcoin Trust (IBIT) also saw $112M in net flows, while Grayscale Investments' Bitcoin Trust ETF (GBTC) experienced net outflows of approximately $95M.

• Following the ETF launch, issuers engaged in intense competition by aggressively reducing fees for their products, even before their official market debut. The fee structures for these new bitcoin ETFs range from 0.2% to 1.5%, with many firms offering fee waivers for specific durations or asset thresholds.

• BlackRock's iShares Bitcoin Trust ETF (IBIT) now consists of 11,439 bitcoins, which is equivalent to $487M. Moreover, these coins are unlikely to return to the market in the near future.

Many users are now turning their attention to the Bitcoin Halving and the ETH ETF as the next major events, with expectations that the ETF may occur in May.

• BlackRock's Larry Fink recently expressed his belief in the "value" of Ethereum ETFs and the future of tokenization, suggesting that ETH could experience a price surge in anticipation of this event.

•  For a deeper dive into this development, you can watch an informative video by Virtual Bacon.

• Additionally, it's worth noting that a world filled with various crypto ETFs, such as an XRP ETF, SOL ETF, ADA ETF, and more, appears to be just around the corner.

On the regulatory front, USDT recently came under scrutiny from the UN, and South Korea is contemplating imposing sanctions on coin mixers, mirroring actions taken by the US.