The cryptocurrency market has reached a milestone today. The U.S. Securities and Exchange Commission (SEC) has officially approved all 11 applications for Bitcoin spot ETFs. Additionally, today marks the 15th anniversary of the start of Bitcoin trading, as Satoshi Nakamoto transferred 10 BTC to early developer Hal Finney.
Background:
SEC Chairman Explains “Reasons for Approval of Bitcoin ETF”: GrayScale Case is a Turning Point, But Does Not Indicate Our Endorsement of BTC
Supplement:
Breaking News! SEC Approves 11 “Bitcoin Spot ETFs,” Will BTC Fall Instead of Rise?
Today is a significant day for the cryptocurrency market! Bitcoin, which accounts for over half of the total market value, has finally received official approval from the U.S. Securities and Exchange Commission (SEC) for its compliant financial product, the “spot ETF.” All 11 applications for Bitcoin spot ETFs have been approved. This means that institutional investors can legally trade Bitcoin spot ETFs in the United States, while also providing retail investors with a compliant way to invest in Bitcoin on exchanges.
Among these ETFs, six will be listed on the Chicago Board Options Exchange (CBOE), three will be listed on the New York Stock Exchange (NYSE), and the remaining two will be listed on Nasdaq.
It is worth mentioning that today is also an important day in the history of Bitcoin. 15 years ago, Hal Finney, an early developer of Bitcoin, posted the first tweet about Bitcoin on X, marking the beginning of Bitcoin trading. At that time, Satoshi Nakamoto transferred 10 Bitcoins to Finney, making him the first person in the world to acquire Bitcoin through a transaction.
The first Bitcoin block was mined by Satoshi Nakamoto on January 3, 2009. Last Wednesday, January 3, marked the 15th anniversary of Bitcoin’s birth. Nakamoto left a message in the block: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks,” symbolizing Bitcoin’s decentralized vision. This imprint remains deeply ingrained in everyone’s hearts.
Is Bitcoin still a highly volatile commodity?
Over the past 15 years, the cryptocurrency market environment has changed significantly, and no one will argue whether Bitcoin will be the next Dutch tulip. The high volatility of Bitcoin has also undergone a transformation.
The Vice President of 21co (a subsidiary of 21Shares, which launched Bitcoin spot ETFs in partnership with Ark Invest) recently stated that last year was the first time since 2014 that Bitcoin did not experience a single-day decline of more than 10%. In the past 10 years, there have been 2 major drops of over 20% and 43 declines of over 10%, with a probability of less than 1.3%.
In response, Tom Wan, a researcher at 21co, pointed out that as time passes, the volatility of Bitcoin is gradually decreasing.
Regardless of the successful launch of Bitcoin spot ETFs in the United States or the decrease in Bitcoin volatility, it indicates that the cryptocurrency market is gradually maturing.
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