Posted 2/21/2024, 6:59:40 PM
SEC Approves Bitcoin ETFs, But Limited Impact on Prices So Far
- SEC approved 11 spot Bitcoin ETFs in the US, but they only make up 10-15% of Bitcoin trading volume on exchanges globally
- US-based Bitcoin ETFs account for just 3% of outstanding Bitcoin supply (~650,000 Bitcoin)
- Coinbase report says institutional investors have "over-indexed" the short-term impact of these ETF products
- Report predicts renewed interest in DeFi in 2024 as investors search for yield
- There's room for Ethereum to catch up to peers in first half of 2024