Spot Bitcoin ETF FOMO is turbocharging new crypto Bitcoin ETF Token ($BTCETF), which launched yesterday on Uniswap at 12:00 UTC.
Developments regarding the approval of the dozen or so applications sitting with the Securities and Exchange Commission continue to add to expectations of an early January green light for the first spot Bitcoin ETFs in the US.
The BlackRock ETF, which will be known as the iShares Bitcoin Trust has filed its ticker, IBIT. Meanwhile, two ETF providers have released adverts for their products, with Bitwise being the first out of the gate with its “Most Interesting Man in the World” tagline, featuring actor Jonathan Goldsmith.
Fast follower Hashdex was next up with its “Stocks aren’t crypto, fixed income isn’t crypto, precious metals? nope, not crypto either” riff.
THIS IS HUGE
-> Bitwise is launching a major ad campaign for their #Bitcoin spot ETF
500k USD will be reached in no time:pic.twitter.com/skGLSw3m36
— Robin Seyr (@RobinSeyr) December 18, 2023
The adverts are a sign of the fierce competition that there will be among asset managers to grab the business of institutions and retail investors.
Elsewhere, discussion between the SEC and providers has led to an agreement for cash redemptions, in line with the preferred approach of the SEC which thinks this is safer.
Also, BlackRock has tweaked its ETF design to make it ‘prepay’, which is a technical change that will enable banks to, in practice, hold bitcoin on their balance sheets.
However, investors can get in on what could be the biggest investment theme to ever hit crypto by buying $BTCETF right now. The digital asset raised $5 million in its initial coin offering which closed last week after being fully subscribed.
$BTCETF is the first and only token to launch into the market with a design that is hooked into the news flow and product development and performance of the forthcoming spot Bitcoin ETFs.
Milestones such as approval, launch and hitting targets for assets under management and trading volumes for the token, all trigger value-enchancing events through the burn mechanism and transaction tax built into the tokenomics of the coin.
The #BitcoinETF Claim is Now Live!
Ensure you have a sufficient amount of $ETH for covering gas fees when claiming.
Claim here: https://t.co/Vbea3xtxlf pic.twitter.com/5BJk0Of3xx
— BTCETF_Token (@BTCETF_Token) December 21, 2023
How the Bitcoin ETF Token is lined up to ride the crypto bull run
Bitcoin ETF Token is crafted in such a way that its total token supply decreases by as much 25% due to its burn mechanism. Burning tokens remove them from supply and increases the scarcity of the asset, potentially making it more valuable. In addition to the burns, for each of the first five milestones, the transaction tax decreases by 1% from a starting level of 5%.
5 steps for Bitcoin ETF gains:
$BTCETF hits a trading volume of $100 million
SEC approves the first spot Bitcoin ETF
First spot Bitcoin ETF launches in the US
Bitcoin ETF assets under management hits $1 billion
Bitcoin price closes daily candle above $100,000
Bitcoin ETF Token the best bet for riding the Bitcoin super cycle
The Bitcoin price today charged higher to $44,000 as it again reaches for $45,000, underlining the bullish sentiment in the market as we head into the new year.
Bitcoin has been the best-performing financial asset of 2023 and with block reward halving coming in April on the back of the near-certainty of a spot Bitcoin ETF approval, the good news is set to keep rolling.
It is this background that makes BTCETF such an enticing proposition.
There are two Uniswap V2 pools for BTCETF trading. The first pool sees the coin trading with a smaller liquidity pool, which can be found here:
https://www.dextools.io/app/en/ether/pair-explorer/0x3c4c3cc7cb9d9de37885612ae47f8b44b57fe9d8
A second pool was created for the pair due to a pricing error in the first pool. This second pool has greater liquidity ($366k) than the first pool ($35k):
https://www.dextools.io/app/en/ether/pair-explorer/0x65271daefd1bdcb44b8148e340363b7285af476c
The price spread between the two pools is shrinking overtime, although it is advised to push buy orders through the second pool because of its greater liquidity, which means trades will be matched with minimum price slippage.
Positive price action is being sustained through the taxation on buys and sells, as well as token buybacks which began yesterday.
BTCETF price chart following Uniswap listing via DEXTools
Bitcoin ETF Token ($BTCETF) to spike 100x as FOMO takes off
To keep up to date with Bitcoin ETF Token developments, join the X (Twitter) and Telegram. The website features a news feed on all-things related to Bitcoin and Bitcoin ETFs, so bookmark the site to keep your finger on the pulse.
A spot Bitcoin ETF is likely yo have a massive impact on financial markets by bringing Bitcoin in from the cold, giving it the credibility to slay the doubters.
Bitcoin ETF approvals will be a major sign of a maturing market, which could see the price of the coin increase by multiples of 2x or 3x in 2024.
However, $BTCETF has an even better risk-reward profile. Early investors could see the coin generate returns of as much as 100x, as its market cap of only $12.45 million provides it with much greater upside potential at current prices.
Check the latest Bitcoin ETF Token price on DEXTools.
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