Breaking: Coinbase to Support Bitcoin ETF Trading
The latest update in the Bitcoin ETF market saw raging speculations about the crypto exchange giant, Coinbase’s upcoming initiative to support Bitcoin ETF trading on its platform. According to Eric Balchunas’ tweet, Coinbase is set to launch $BITO trading, however, it may as well be a big mistake, given the high trading fees of 1.49 percent on the platform. The ETF analyst warned Coinbase of potential consequences upon starting $BITO trading.
This is why I say ETFs are going to rock crypto world. Crypto intermediaries used to fat fees. ETFs live in relative poverty. $BITO (not to mention the spot ETFs a comin') are 1bp to trade ANYWHERE. Coinbase should be afraid of that.
— Eric Balchunas (@EricBalchunas) November 9, 2021
Bitcoin ETF Frenzy
Futures-linked Bitcoin ETFs have taken over the US crypto market, launching a swift bull for the OG crypto, with further speculations of Spot BTC ETF in the process to directly track the underlying asset class, from institutional players along with lawmakers. The ultimate Bitcoin enthusiast and MicroStrategy CEO, Michael Saylor recently commented on BTC ETFs, noting that they will completely take over the economy within three years span. Additionally, Saylor asserted that Bitcoin ETFs will become the primary substitute for Gold ETFs in near future. CoinGape’s exclusive coverage stated that Saylor argued upon Bitcoin’s emergence as the primary asset class for the Western world, further replacing the $425 billion fund – SPDR S&P 500 ETF Trust, ticker SPY – tracking the equity index.
“To do that, you need the spot ETF. And once these spot ETFs roll, I think you’ll see billions, then tens of billions, then hundreds of billions, then trillions of dollars flow into them.”, said Saylor at the Bloomberg Financial Innovation Summit last Thursday.
Coinbase is dipping its toes in the wealthy waters of the trending BTC ETFs. Nevertheless, this will not be the first time Coinbase uses a crypto frenzy to get ahead in the decentralized sphere. Last month, Coinbase was at No.1 on the Apple App Store, and the credit went to its brilliant addition of the Shiba Inu (SHIB) ticker in the name of its organization, accompanied by the OG Bitcoin (BTC), and ever-evolving Ethereum (ETH). The crypto community on Twitter speculated this as yet another ‘growth hack’ stunt by the exchange, where the platform temporarily showcased the presently internet-famous crypto to use the token’s trending status in advertising its application.
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Hashdex Adds Cardano to Crypto Index Fund as ADA Gains SEC Listing Eligibility
- U.S. Treasury To Ease Tax Rule on Unrealized Bitcoin Gains, Aiding Saylor’s Strategy
- Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
