ETH Surges on ETF Approval

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.

This event proved to be the catalyst needed to compel crypto capital attempting to front-run the launch of BTC spot ETFs to ape Ethereum, the next crypto asset slated to be approved for a spot ETF by the SEC.

The ETH/BTC Ratio has gained 15% since yesterday's false announcement, and Ethereum ecosystem assets like ARB and OP are rallying right alongside it!

With approval having now arrived, spot BTC ETF issuers now face the task of attracting organic capital to their instruments; for the sake of crypto’s near-term price, we’re hopeful that their efforts to attract inflows will foster crypto adoption among entirely new cohorts of investors.