On Tuesday, the Securities and Exchange Commission’s (SEC) official X account was apparently hacked, with a tweet falsely claiming that Bitcoin ETF applications had been approved. The ensuing chaos following the false tweet demonstrated the ongoing anticipation surrounding this long-awaited development.
The Bitcoin price shot up on the news before sliding back down after SEC Chair Gary Gensler clarified no approvals had actually been granted. When the fake tweet hit, bitcoin quickly rallied past $48,000 before retreating to around $45,000 after the SEC’s denial.
While the outlook for an SEC-approved ETF is still uncertain, some investors are not waiting idly by. Last month, Bitcoin ETF Token (BTCETF) launched on Uniswap following a highly successful crypto presale campaign. BTCETF seeks to give traders speculative exposure to the potential impacts of a future Bitcoin ETF coming to market.
How do you feel about the @SECGov #Twitter account being compromised yesterday and posting an unauthorized tweet about the #SEC approving the listing and trading of the spot #Bitcoin #ETF?
— BTCETF_Token (@BTCETF_Token) January 10, 2024
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New Bitcoin ETF Token Seeks First-Mover Advantage
BTCETF is the first and only token to launch into the market with a design that is hooked into the news flow, product development, and performance of the forthcoming spot Bitcoin ETFs. BTCETF was also designed with a transaction tax and burn mechanism that gets altered when milestones related to a real Bitcoin ETF are achieved.
The milestones are all tied to anticipated progress and adoption of actual Bitcoin ETFs such as:
- BTCETF reaching $1 million in trading volume
- SEC approval of a spot BTC ETF
- Official launch of a BTC ETF
- BTC ETF assets under management exceeding $1 billion
- Bitcoin price closing above $100K
This structure gives BTCETF upside leverage to major events expected to coincide with a Bitcoin ETF coming to market.
Are you bullish on the first #Bitcoin #ETF being approved tomorrow? 🗓️✔️❌
— BTCETF_Token (@BTCETF_Token) January 9, 2024
BTCETF backers tout it as an asymmetric opportunity. They believe SEC approval could easily spur a doubling or tripling of Bitcoin prices in 2024. Meanwhile, BTCETF theoretically has room to surge 10x from its current $12.45 million market cap, according to crypto analyst ClayBro.
The SEC has offered mixed signals on its thinking around a Bitcoin ETF thus far. While approval could accelerate institutional adoption, the impacts on the Bitcoin price and the broader crypto markets are debated. For now, the launch of BTCETF offers traders an early vehicle to bet on this eventuality.
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