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BITCOIN ETF Approval Marks a Watershed Moment in Cryptocurrency

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  • Valkyrie Bitcoin ETF strategy has recently been approved through the SEC. This may embark a new journey for the BTC to the future
  • Bitcoin price is currently closing near its all time high and can soon surpass to a new high. Meanwhile, most of the BTC has not seen any movement in the past 90 days.

Proshares along with Valkyrie application have been approved by the U.S. Securities and Exchange Commission (SEC)  and is expected to be listed on the  New York Stock Exchange’s ARCA. 

According to the news report from Bloomberg, the Bitcoin ETF will be traded under the ticker symbol BITO and is expected to begin trading from October 18. However, there is still some confusion with the Bitcoin ETF going ahead as the SEC is expected to reveal its future only by Monday. But there is an air of anticipation that all said and done, it will get the go ahead signal from the leading regulator. 

What Is a Bitcoin ETF?

An Exchange Traded Funds (ETF) is a type of investment strategy which tracks the performance of a particular asset or a group of assets. In the case of the Bitcoin ETF it will mimic the price of the BTC to the investors.It will allow the investors who just want to trade the gain and loss of Bitcoin without getting involved in the complex storage process. The next crucial benefit is that the investors have no need to worry about the security of the other exchanges and they can easily invest. ETF is known to every common investor so it will attract more and more people towards investing in it.

How Are Investors Reacting To Bitcoin ETF?

Bitcoin is largely traded in an unregulated market where investors can get trapped. The ETF eliminates some of the major concerns for the investors regarding these. Some people say that the approval of ETF’S may give hedge funds a large opportunity of arbitrage which may push the price according to their needs. Many investors are also concerned about the FOMO and bull trap of these strategies.

It may be of some concern but no one can deny that it will benefit the retail and institutional investors in a very big way. Countries like Canada have already adopted it and after the USA it will give the BTC a new push to reach a new high.

ALSO READ – WILL THE BITCOIN ETF SEE YET ANOTHER DELAY?

What Does The Bitcoin On-Chain Metrics Tell?

The volume of the BTC has seen an increase of 25% in the past 24 hours. The inflow and outflow volume to the exchanges has remained constant which tells that the investors are waiting for the ETF approval. Approximately 85% of the BTC has not seen any moment in the past 90 days which also suggests a strong upcoming momentum for the price. BTC is currently trading near $61k and is ready to skyrocket for the moon. One can forecast a huge surge in investors once the Bitcoin ETF gets approval from various institutions.

Conclusion

BTC ETF approval by the SEC could well be a watershed moment for the crypto market. The approval of the ETF by the world’s largest economy tells that the cryptocurrency is ready to become a mainstream part of everyday life.

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