Bitcoin ETF: PawSwap Founder Sees Immense Upside for SHIB

The founder of PawZone Non-fungible token (NFT) marketplace, known on the X app as @jds_updates believes strongly that the coming of a spot Bitcoin ETF approval from the SEC will trigger an immense upside for Shiba Inu (SHIB) and even PawZone (PAW).

More Crypto ETF Products to Emerge

The PawZonefounder hinted at the possibility of having other cryptocurrencies launch their own Exchange-Traded Funds (ETFs) once the SEC approves the current filings for spot Bitcoin ETF. From his post on the X app, one could infer that he is positive about the effect that the proposed rule change will have on both SHIB and PAW.

“I personally believe $SHIB and $PAW (PAWZONE) are only getting started as the overall crypto market experiences one of the biggest catalysts of all time,” he said, adding that “Many catalysts in crypto have led to a ‘buy the rumor, sell the news’ scenario.”

Just like other industry experts have analyzed, the PawZone executive also stated that Bitcoin ETFs will cause a significant influx of funds into the Bitcoin ecosystem as well as into the new product. Some of these experts have speculated that the Bitcoin ETF will drive billions of dollars into the crypto market, causing the total crypto market capitalization to jump significantly. 

Bitcoin ETF Hype and Potential Price Impact

Already, the talks about a fast-approaching spot Bitcoin ETF approval from the SEC have been contributing to the price rally of the underlying token. 

At the time of this writing, BTC is trading at $43,639.22, a significant pivot from its value exactly a year ago. A few days ago, Matrixport Research predicted that BTC’s price could breach the $50,000 mark in January 2024, with a 95% chance of Bitcoin ETF approval.

Meanwhile, the odds of receiving approval from the SEC over the proposed rule change for BlackRock, Fidelity Investments, WisdomTree, ARK 21Shares, Bitwise, Grayscale Investments, and many others, are no longer at 95%, according to Mike Alfred. 

Last week, the valued investor and advisor highlighted that the odds are now at 98.7%, and unsurprisingly, pro-XRP lawyer John E. Deaton agrees with him.

Amidst these speculations, the SEC has asked all applicants to submit the final amendment of their S-1 filing by December 29 if they intend to be part of the first wave of spot Bitcoin ETF approval.