Bitcoin’s (BTC) spot ETF (Exchange Traded Fund) is currently the talk of town within the crypto realm. There is a high probability that the US SEC (Securities and Exchange Commission) will approve one or more spot BTC ETFs very soon. The latest developments around the ETF have led BTC’s price to surge to around $47k. Bitcoin’s (BTC) rally has also brought new life to other cryptocurrencies, such as Shiba Inu (SHIB).
Also Read: Shiba Inu: What will SHIB Prices Be If Bitcoin Hits $200,000?
The recent market correction led to Shiba Inu (SHIB) gaining a zero after its decimal, which it had lost in December. Regardless, anticipation of a spot BTC ETF has caused a market-wide rally. SHIB has rallied almost 5% in the last 24 hours. However, the popular memecoin is still down 11.1% in the weekly charts and over 7% since the previous month.
Spot Bitcoin ETF profits may pour into Shiba Inu (SHIB)
Bitcoin’s (BTC) price has surged by over 180% since January 2023, while Shiba Inu (SHIB) has gained only about 9% in the same time frame. However, if a spot BTC ETF is greenlit by the SEC within the next few days, we may see a surge in crypto prices.
Moreover, BTC usually has a trickle-down effect on the market. If a spot BTC ETF is approved, the original cryptocurrency will likely hit new highs. In this scenario, investors who book profits with Bitcoin (BTC) may pour their gains, which could be in the millions, into other projects, such as Shiba Inu (SHIB) and other popular altcoins. SHIB and the larger crypto market may indirectly enjoy the benefits of a spot BTC ETF as investors diversify their profits.
However, the US SEC is yet to announce its decision. According to Bloomberg analysts, there is a 95% chance that the SEC will approve one or more spot BTC ETFs very soon.
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January 10, 2024 at 10:02AM
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Shiba Inu: Millions of Bitcoin ETF Profits Might Flow Into SHIB - Watcher Guru
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