Bitcoin ETF Buzz In US: Nevada & Washington DC Lead Charge

The Spot Bitcoin ETF frenzy has grabbed the spotlight in Nevada and Washington DC. These regions have notably clinched the top positions in the US, with Nevada, securing a perfect score of 100, according to a survey by CoinGecko. The report also mentions that Washington DC closely follows with an impressive score of 93, reflecting a distinctive surge in search interest.

Bitcoin ETF Popularity In The US

Contrary to expectations, financial and tech hubs such as New York and California find themselves in the 7th and 8th positions with 77 and 71 points, respectively. This signals a decentralized trend in Bitcoin ETF enthusiasm across the United States. Whilst, New Jersey and New Hampshire are positioned closely behind Nevada and Washington DC, with scores of 88 and 87, respectively.

Interestingly, despite their prominence, New York and California lag behind, highlighting a shift in the landscape of Bitcoin ETF interest. On the contrary, the states with the least interest, Mississippi and North Dakota, tie with their lowest scores of 19, emphasizing the diverse levels of enthusiasm for these financial instruments.

Also Read: Analyst Predicts 10% BTC Price Jump Post Spot Bitcoin ETF Approval

However, the analytics indicate an even distribution of interest across all 51 states. The report mentions that every state’s interest ranges between 0.7% and 3.8%. This suggests a nationwide anticipation for the introduction of the country’s first Spot Bitcoin ETF.

On the other hand, on a global level, the US took the 12th spot with a score of 45 in the list of countries interested in the Bitcoin ETF. The country shared the position with Portugal and Australia. Whilst, Luxembourg, St. Helena, and Singapore took the top spots with 100, 97, and 94 points, respectively.

Possibility Of Sell-The-News Event

As the approval of the first Spot Bitcoin ETF looms within the next week, major players like BlackRock are actively advocating for its acceptance. Despite Bitcoin’s recent surge above $450,000, there is a contentious debate within the crypto community regarding whether the ETF approval could trigger a “sell-the-news” reaction.

According to a report by K33 Research, the decision on Bitcoin spot ETFs is expected between January 8 and January 10, possibly even earlier. Senior Analyst Vetle Lunde suggests that irrespective of the timing, approvals may lead to a sell-off.

In addition, Lunde assigned a 75% probability to the sell-the-news scenario, a 20% chance of approval, and a 5% likelihood of ETF denial, despite positive signals from recent meetings and updated S-1 prospectuses filed with the Securities and Exchange Commission.

Also Read: Bitcoin ETF: How Likely Is US SEC To Give Early Approval?