Bitcoin ETF Approval: An Exclusive Boost for BTC or an Opportunity for Altcoins?
Hello Project Hope friends, I hope your week is going well. We are literally in the crucial week for the approval of the Bitcoin ETF, and in the coming months for the approval of the Ethereum ETF, or at least that is what is expected.
Tomorrow, January 10, is the key date on which the SEC must respond to the approval or not of the ETFs. As we have seen, there is high volatility in recent days, where BTC has exceeded 47k, but other currencies have fallen. This makes me wonder if it will really be a good thing for Bitcoin ETFs to be approved.
There is something particular, and that is that the money that, if the ETF is approved, enters the market will be exclusively for BTC, and if a bullish rally occurs, I don't know to what extent it will be the same for Altcoins, I actually have my doubts.
In particular, I hope that a price increase does occur, and that we all benefit, however, as more money flows exclusively into BTC, and this money will be deposited in Coinbase, the main exchange in the US, and by law the money that enters through ETFs should be used to purchase BTC exclusively.
This last one in particular is what makes me think that a bullish altseason will be possible in view of this reality, since in the previous rises of Bitcoin, the money has been moved by Retails, and these can move the money from one side to another, that is, from BTC to Ethereum or another altcoin, but in the case of ETFs this will not be the case.
We have to wait, study, analyze, and make the best decisions to avoid losing money and rather, gain in the process, which is what we are supposed to be looking for when we invest.
I hope you liked this post, greetings.
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