According to the research team of cryptocurrency exchange Coinbase, the Bitcoin (BTC) price may have been affected by exchange-traded fund (ETF) applications.
Bitcoin, the largest cryptocurrency in the market, has performed better than many altcoins in the past months.
According to the Coinbase Institutional team, one of the reasons for this is: Exchange traded funds for spot Bitcoin it could be. Even though applications have not yet been approved, the research team is He thinks it is already reflected in the price:
“In our view, the performance gap between Bitcoin and other tokens shows that the likelihood of one or more ETF applications being approved is already influencing the price. “It is unclear how much better Bitcoin will perform than others if the US Securities and Exchange Commission makes a positive decision on this issue.”
Names in the traditional financial sector such as BlackRock announced that they wanted to establish an exchange-traded fund for Bitcoin, thus increasing the price of Bitcoin. An increase of 8% happened. Ethereum (ETH), the second biggest name in the market in the same period, lost 7.5% value.