As 2024 approaches, the cryptocurrency market’s heated discussion on Bitcoin exchange-traded funds (ETFs) has reached unprecedented levels of enthusiasm. This year, following record growth in ETF issuance the previous year, market experts predict that this year will be significantly affected by regulatory measures. Bitcoin spot trading funds (ETFs) are registered in only 8 countries around the world: G20 countries Canada, Germany, Brazil and Australia, as well as tax havens Jersey, Switzerland, Liechtenstein and Guernsey. Currently, Canada is the leading country for spot Bitcoin ETFs, with a total of 6 spot Bitcoin ETFs with total assets of US$27.9 billion. This accounts for 46.3% of the total global spot Bitcoin ETF assets of $60.1 billion.
Canada’s Purpose Bitcoin ETF (BTCC) is the largest spot Bitcoin ETF with total assets of US$15 billion; while Germany’s ETC Group physical Bitcoin ETF has total assets of US$11.2 billion. BTCC and BTCE also rank among the top ten in the global cryptocurrency ETF and trading product (ETP) rankings. It remains to be seen whether it can attract strong attention from more investors and transcend its asset size.
At the same time, the interest of financial institutions in Bitcoin has also reached its peak, including the participation of heavyweight financial institutions such as Goldman Sachs, marking the widespread acceptance of Bitcoin in the mainstream financial field. This interest from large financial institutions is seen as an important milestone in a significant increase in market value. There are now 22 active Bitcoin spot exchange-traded funds (ETFs) in the world, with total assets reaching $60.1 billion. However, if the SEC approves all pending applications, there will be 12 new spot Bitcoin ETFs in the United States, which will be offered by leading financial institutions.
Among the many ETFs, what is particularly eye-catching is the U.S.’s approval of spot Bitcoin ETFs. If the U.S. Securities and Exchange Commission (SEC) approves the application for a Bitcoin spot ETF, the U.S. May become the 9th country to register a Bitcoin spot ETF. In anticipation of this regulatory move, Bitcoin prices have experienced significant volatility. As of the start of 2024, Bitcoin’s value has climbed alarmingly to over $45,000, driven largely by eager anticipation for ETF approval. This bullish trend coincides with predictions from experts who believe that Bitcoin’s value will fluctuate between $25,000 and $75,000 throughout the year.
Hong Kong has made significant progress in the cryptocurrency market, especially Bitcoin exchange-traded funds (ETFs). Recently, Hong Kong’s financial regulator set guidelines for approving physical Bitcoin ETFs. This includes both “physical” and “cash creation” models, signaling a bullish change for the Hong Kong cryptocurrency market.
However, markets are also bracing for potential volatility. Some traders plan to "sell the news" following the ETF's approval, suggesting a short-term price slide could follow the announcement. All in all, 2024 will undoubtedly be a key turning point for Bitcoin and its integration into the traditional financial system, and ETFs will play an important role in this change.
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