From Fortune:

Bitcoin jumped more than 5% over 24 hours, to $47,600, after the SEC approved 11 applications to create the first spot Bitcoin ETFs in the U.S. Ether also surged above $2,600. The approval came after a Twitter hack announcing the decision led to a correction and then confirmation from SEC Chairman Gary Gensler.

Analysts believe spot Bitcoin ETFs will usher in a new era for the cryptocurrency and expect billions of dollars in inflows to follow the ETFs’ launch on Thursday. Fordham University business professor Ben Cole predicts that Bitcoin’s potential for exposure across different investment portfolios will drive further investment in the cryptocurrency. Crypto Twitter also rejoiced the news.

The real test for spot Bitcoin ETFs will come when trading begins. So far, the iShares Bitcoin Trust, managed by BlackRock, has seen $2 million in shares traded just hours after approval, while market analysts predict a more substantial influx of billions of dollars in the coming months and years. Several companies competing for the ETF are already dropping their fees to attract customers.

Prominent finance figures, such as Cathie Wood, CEO of Ark Invest, also predict that institutional dollars will come around following the due diligence process. Wood said the firm’s ETF will look to attract both institutional and retail investors.



Read more: Bitcoin gains more than 5% as crypto industry celebrates SEC’s approval of spot ETFs