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Bitcoiner Dilemma. Many crypto assets surged early last week after it became evident that Ethereum would receive spot ETF approval and its long-awaited regulatory clarity as a non-security, but this development sucked the wind out of the Bitcoin ecosystem’s sails. What's going on?
Although BTC eked out dollar gains amid a then-rumored increase in ETH ETF approval odds, last week marked the worst performance in BTC Dominance since the arrival of spot BTC ETFs led to massive redemptions for the Grayscale Bitcoin Trust (GBTC) in January.
If conducted today, Ethereum’s initial coin offering (ICO) would constitute an illegal security offering; precedent established by ETH’s ETF approval in light of this fact underscores that any crypto asset – regardless of its origin story – can become a non-security and deals a major blow to doctrines that held BTC was uniquely positioned for regulatory capture.
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