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Author: Katherine Ross, Jack Kubinec, Blockworks; Compiled by: Songxue, Bitchain Vision
Spot Bitcoin ETF officially started trading on Thursday after being approved on Wednesday.Industry observers and participants quickly made comments.
As of the closing of the day, the ETFs had reached a record-breaking volume of more than $4 billion, and although some believe the approvals could trigger a sell-off news event, the price of Bitcoin hit a high of $49,000 earlier on Thursday., still remains at around $46,000.
“ETFs are likely to create more demand, which will lead market makers to allocate more capital to support liquidity. Liquidity in crypto markets has not yet fully recovered from the November 2022 FTX crash,” he said.Sui Chung, CEO, CF Benchmarksstate in an email.
“So, this could benefit the entire crypto ecosystem, especially as it starts to attract the attention of this new group of investors.”
In response to the approval,Kristin Smith, Chairman of the Blockchain AssociationIn a post on X, it is stated that “the law is on our side.”
“Yesterday, we got approval from the ETF through legal challenges. This shouldn’t be the case, but that’s the truth.”
The legal challenge of establishing spot Bitcoin ETFs has a long history in the cryptocurrency space.After the SEC decided, the issue attracted widespread attention from industry insiders and ordinary observers.
Coinbase Organization Director Brett Tejpaul“While the approval may happen in a flash, the preparations are actually carried out by both sides over the years,” he said.
Winklevoss twins was the first person to submit a Bitcoin ETF application in 2013, and they expressed their opinions after SEC approval.
Cameron WinklevossResponding to Smith’s assessment and posting on X, “Remember, [SEC] approves Bitcoin ETFs not because they want to do it, but because they have to.”
However, Taylor Vinclairvos noted that these approvals show that “bitcoin has unstoppable power, and those in power are powerless to stop it.” They tried more than a decade of struggle and finally surrendered.Bitcoin won, it broke the system.”
AnotherLong-term Bitcoin enthusiast Erik VoorheesNor has the importance of this moment been overlooked, he wrote on X that Bitcoin is “the first ETF in history with limited supply of underlying assets.”
The cryptocurrency CEO also joined the conversation.Richard Teng, the new Binance director“Today will be loaded into cryptocurrency history.”Kris Marszalek of Crypto.comThe approval indicated that “the U.S. market is a long-term crypto market.”Brad Garlinghouse by Ripple“I expect this to be another catalyst for institutional investment/adoption,” wrote.
On the first day of spot trading of Bitcoin ETFs, brokerage platform Vanguard was found blocking funds.Several cryptocurrency supporters told X that they had cancelled their accounts on the platform.
