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ETH Surges on ETF Approval

11 spot BTC ETFs were finally approved! Where to next?

Jack Inabinet
Jan 10, 2024 • 1 min read

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After a tumultuous morning with a preemptive approval notice from CBOE that was later walked back, spot BTC ETFs at long last received approval! Crypto has reached a historic milestone, but where does the industry go from here?

Bitcoin’s 1.8% run-up immediately post-approval felt muted, considering that yesterday's faux approval Tweet garnered a momentary 2.7% increase in price.

While yesterday’s false Tweet wiped out massive amounts of open interest on crypto coins, it also provided a window of insight into how ETH would react post-spot BTC ETF approval.

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Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.