Weekly Recap - Jan. 15th, 2024

BTC ETF Update

Author

Michael Blake
January 15, 2024

Weekly Recap - Jan. 15th , 2024

Top News Headlines

  • Spot bitcoin ETF volumes eclipse $4.5B on first day of trading - Read More

  • Solana takes break from eating Ethereum’s lunch — for now - Read More

  • Solana Mobile to Sell Second Crypto Smartphone - Read More

  • ‘This Is Just The Beginning’ —BlackRock CEO Reveals Massive Crypto Plan After ETF Sparks Wild Bitcoin And Ethereum Price Swings - Read More

Top Crypto Prices by Market Cap.

1. Bitcoin $42,802.39 7D -8.4%
2. Ethereum $2,527.10 7D 9.2%
3. BNB $314.29 7D 4.8%
4. Solana $95.77 7D -2.7%
5. XRP $0.575 7D 0.3%

6. Cardano $0.533 7D 0.5%
7. Avalanche $36.15 7D 1.5%
8. Dogecoin $0.080 7D 1.3%
9. Polkadot $7.55 7D 2.6%
10. TRON $0.108 7D 4.9%

Source: Coingecko Price Feed, Jan. 15th 2024, 10:45pm EST. Data excludes Lido Staked Ether, and stablecoins USDC and USDT.

Spotlight: BTC ETF UPDATE

It’s been a full week since we saw the landmark approval of the first Spot Bitcoin ETF, and we’ve already seen over $17.5 Billion in trading volume.

U.S. Asset Managers remain in tough competition as 11 different institutions fight for a share of investor flows…

Firms like BlackRock, Fidelity and Franklin Templeton, with trillions of $’s in AUM, have already fired up their marketing machines in a bid to woo investors.

With the ETF offering almost identical across firms, differentiation has been difficult to achieve. Some firms try to be the cheapest option, while some even pledge a portion of their profits back into Bitcoin open-source development…

So what’s the Bullish Case for Bitcoin post-ETF?

Many industry experts like to reference the chart below, which illustrates the parabolic growth in market cap that occurred after the first $GOLD ETF went live in 2004…

A similar ~345% appreciation for Bitcoin would put the price per coin at a staggering $138,000 US Dollars!

Gold price rally after first ETF approval. Source: Ash Crypto Twitter

We’ll have to keep an eye on the ETF metrics over the next few months to determine the true impact of the approval, but many industry enthusiasts have already shifted their focus to the next big narrative of 2024 ... the BTC Halvening expected in April!

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