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Spot Bitcoin ETFs commenced official trading on Thursday, following their approval on Wednesday, eliciting swift reactions from industry observers.
By the end of the inaugural day, the ETFs had already achieved record volumes exceeding $4 billion. Contrary to concerns about a potential sell-off following the approval, Bitcoin's price remained resilient at around $46,000 after reaching a peak of $49,000 earlier on Thursday.
Potential Boost in Demand and Liquidity
Sui Chung, CEO of CF Benchmarks, anticipates that the ETF's introduction could stimulate more demand, prompting market makers to allocate additional capital to support liquidity.
According to Blockworks, Chung notes that the crypto market's liquidity is recovering from the FTX crash in November 2022. He suggests that the ETF may benefit the entire crypto ecosystem by attracting a new cohort of investors.
Legal Challenges and Industry Voices
Blockchain Association president Kristin Smith emphasized the legal journey that led to the ETF approvals, stating that securing them took a legal challenge. The history of legal challenges surrounding spot Bitcoin ETFs has been extensive, drawing significant attention from industry insiders and casual observers alike.
Brett Tejpaul, Coinbase's head of institutional, highlighted the extensive preparation involved in obtaining ETF approval, emphasizing that the process spans years of effort on both sides. The Winklevoss twins, pioneers in applying for a Bitcoin ETF in 2013, expressed their views after the SEC's approval. Cameron Winklevoss stated that the SEC's decision was a necessity rather than a choice.
According to CNBC, Tyler Winklevoss emphasized the unstoppable power of Bitcoin and its triumph over establishment resistance. Several crypto CEOs shared their perspectives on the milestone.
Richard Teng, the new head of Binance, declared that the day would be remembered in crypto history, while Kris Marszalek of Crypto.com noted that the approvals signify the US market's commitment to crypto in the long term. Ripple's Brad Garlinghouse anticipated the ETF approval to act as a catalyst for institutional investment and adoption.
Platform Controversy on Day One
On the first day of spot Bitcoin ETF trading, Vanguard, a prominent brokerage platform, reportedly blocked the funds. This sparked reactions on social media platforms, with some crypto enthusiasts claiming to have canceled their accounts on the platform. Despite the backlash, how platforms will navigate this historic development in the crypto space remains to be seen.
Photo: Bastian Riccardi/Unsplash
