NYSE President Lauds Bitcoin ETFs and Liquidity It Brought to Markets
Highlights
- NYSE President, Lynn Martin has lauded the launch of Bitcoin ETFs.
- She pointed to increased market liquidity as funds recorded inflows.
- Bitcoin ETFs have dominated market narratives and are projected to increase BTC’s adoption.
The New York Stock Exchange (NYSE) Group President, Lynn Martin has hailed the launch of Bitcoin ETFs and the liquidity it infused into the financial market. Traditional finance executives have increased their appetite for the asset class directly or indirectly through ETFs spurring price jumps around the crypto market.
Bitcoin ETFs Changed The Narrative
The launch of Bitcoin ETFs on Jan 11 sparked a new drive among traditional investors in the crypto market. Lynn Martin stressed the benefits so far recorded in terms of price and liquidity to the underlying market.
“We’ve been having conversations with the Securities and Exchange Commission (SEC) for more than six years about Bitcoin ETFs. I think you can’t argue with the success of Bitcoin ETFs and the liquidity it has brought to the underlying market.”
Appreciating the success of Bitcoin, she noted the inflows of funds and its effect on the market’s liquidity. Bitcoin price spiked to an all-time high above $73,000 since the launch of spot ETFs in the United States. The wider market cap has also seen massive numbers with bulls attempting a bull run consolidation.
To put gains into perspective, Bitcoin ETFs have notched nearly $60 billion in inflows with BlackRock’s IBIT up to $19.9 billion.
Approval of spot Bitcoin ETFs also led to anticipation around Ethereum ETFs with increased appetite from Wall Street. The approval also led to a sense of legitimacy around the asset class in the United States which has had a spell of uncertain rules.
Firms Increase Bitcoin Exposure
The launched funds dominated market sentiments in Q1 2024 and led to banks and other financial institutions gaining exposure to these assets. This month, firms disclosed their spot Bitcoin ETF holdings sparking a frenzy within the crypto spaces.
Institutions like Wells Fargo, Morgan Stanley, and Bank of Montreal among others disclosed spot ETF holdings. At press time, Bitcoin price stands at $68,284 making a slight correction as sentiments plunge. The launch of spot ETFs is projected to lead the wider market adoption.
Also Read: Bybit Overhauls Leadership After Troubled Notcoin Launch
- Zcash (ZEC) Extends Rally Above $200 as Privacy Narrative Gains Reflexive Momentum
- Pump.fun Rival Zora Rallies Over 30% Following Robinhood Listing
- Peter Brandt Lists XRP Among Shorts Amid Crypto Market Crash
- Fed’s John Williams Backs More Rate Cuts This Year Amid Labor Market Concerns
- Bitcoin Edges Higher as Fed Chair Jerome Powell Fails to Comment on Monetary Policy
- Dogecoin Price Outlook as $23M Leaves Exchanges—Is the Parabolic Phase Beginning?
- Pi Network Price Collapses as Analyst Proposes Turnaround Tweaks
- Solana (SOL) Price Prediction: Analyst Eyes $1,300 as SOL DAT Company Plans 5% Supply Acquisition
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
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.
