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After a decade of delay and denial, last week, the razor-close approval by the SEC to list spot Bitcoin ETFs on American stock exchanges led the entire crypto industry to rejoice!
Spot BTC ETF products began trading last Thursday and while Bitcoin hasn’t put in the God candles some in the crypto industry hoped would result from TradFi aping our bags, inflows into the ETFs have lived up to analyst expectations, with nearly $2.9B in inflows to newly established instruments.
While $1.2B in GBTC redemptions and crypto traders unwinding from bullish BTC ETF approval bets are two factors that have resulted from BTC ETF approval that are currently suppressing price, the long-term implications of ETF approval cannot be overstated.
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