Bitcoin ETF approved by US supervision! Shift towards ETH?

With some hits that the FBI will now be dealing with, which is the day before yesterday's publication of an entry on the SEC's account on X that ETFs were accepted, they were actually accepted, yesterday, January 10, 2024. This is the list of issuers of funds and ETF tickers directly for bitcoin in the USA:

• Franklin Templeton: EZBC,
• Wisdom Tree: BTCW,
• Grayscale: GBTC,
• Blackrock: IBIT,
• Valkyrie: BRRR,
• VanEck: HODL,
• Hashdex: CHALLENGE,
• Invesco: BTCO,
• Loyalty: FBTC,
• Bitwise: BITB,
• ARK: ARKB.

Today, the key issue will be the turnover in the above-mentioned ETFs and what the inflows will be in the coming weeks, i.e. whether the interest will be as great as the market expected. According to Bloomberg, ETF trading since BlackRock could break a record for first-day flows with a possible $2 billion asset injection on the first day of trading for its US spot Bitcoin ETF. According to the report, all ETFs could raise up to $4 billion on day one and $50 billion in assets within two years.

It is therefore possible that the coming weeks may bring a further price increase Bitcoin, if the demand is actually so great and does not disappoint those who bought bitcoin earlier. It will also be interesting to see how unit prices will develop in relation to the spot market and whether there will be any opportunities for arbitrage. Undoubtedly, from this perspective, a very interesting day awaits us, and in turn, the ETH rate takes advantage of it the most.

Quotations ETHUSD they rose above USD 2600 this morning, which is the highest level since May 2022. This may be related to the fact that the market is currently waiting for the acceptance of an ETF on ETH. Again as stated Bloomberg there is currently a 70% chance of Ethereum spot ETF approval in May. The SEC must make decisions on whether to approve multiple Ethereum spot ETF applications by the end of May, including VanEck, Ark 21Shares and Hashdex. Digital asset lawyer Joe Carlasare believes the Ethereum spot ETF will be approved this year, but approval may take a little longer than people expect.

This, in turn, starts another clash between the two largest digital assets, BTC and ETH, and causes the community to wonder whether the ETHBTC relationship has already reached its nadir and whether we are already at a turning point in favor of Ethereum.

Bitcoin price and Ethereum rate

If a positive scenario takes place, the price of bitcoin may increase towards USD 51000-53000, where further potential resistances seem to be, while ETHUSD may find resistance around USD 3300.

So we are waiting for the start of trade in the US, because we have a very exciting day ahead of us, which will be further fueled by inflation data from the United States.