Coinbase: Bitcoin ETF Approval Partially Priced In, May Lose Edge Once Approved

Approval of spot bitcoin ETFs is partially priced in, according to Coinbase Institutional. Bitcoin has outperformed other cryptos amid macro uncertainty.

Bitcoin shows a weak inverse relationship with the steepening yield curve compared to Ether's stronger inverse relationship.

Divergence emerged when spot bitcoin ETFs were filed, suggesting ETF expectations at play.

Once approved, bitcoin may lose its edge as ETF inflows will likely materialize slowly over time.

Beyond flows, ETF approval signals a shift in the regulatory environment that could aid crypto valuations.