From NASDAQ:

The U.S. has finally approved 11 Bitcoin-linked ETFs after years of talks with top asset managers, including BlackRock, Fidelity, and Invesco. This approval marks a significant moment for the cryptocurrency industry and allows investors to ease into the world’s biggest digital token.

Following the regulatory nod, various asset managers have begun trading Bitcoin ETFs, sparking a race for market share. Analysts estimate that Bitcoin ETF flows could cross $10 billion in 2024 and $80 billion by the end of the next year as issuers compete intensely to lower fees.

The approval of Bitcoin ETFs is expected to attract substantial inflows from institutions interested in entering the cryptocurrency market. However, there are warnings against conflating price gains with broader predictions about cryptocurrency overtaking traditional finance.

As the news of Bitcoin ETF approval broke, Bitcoin traded at its highest level in over two years, while related stocks surged. Bitcoin miners Riot Platforms and Marathon Digital rose 7% and 5%, respectively, and other companies such as Coinbase and Robinhood also saw gains.

This news indicates a significant shift in the cryptocurrency industry and opens the door for widespread investment in Bitcoin and related financial products. The race for market share among issuers, along with the potential institutional inflows, will likely reshape the cryptocurrency investment landscape.



Read more: Bitcoin ETFs begin trading in end to decade-long tussle with SEC