Numerous major cryptocurrencies, such as Ethereum, Solana, Cardano, and others, experienced a surge in value following the green light for a Bitcoin exchange-traded fund (ETF) in the U.S.
Despite widespread anticipation, Bitcoin’s price remained relatively stable after the announcement, registering a modest 1.35% increase to reach $46,258 at the time of this update. This muted response contrasts with the fervor and excitement generated by the related applications in recent months.
Some analysts foresaw the possibility of a “sell-the-news” scenario upon ETF approval. Vetle Lunde, senior analyst at K33 Research, pointed out that BTC’s performance after the SEC’s false ETF approval rumors on January 9 hinted at a predisposition for a sell-off in response to the actual news.
Contrarily, crypto analyst Michaël van de Poppe suggested an optimistic outlook, stating that Bitcoin’s price could see an improvement “with the deal-flow on the ETF approval.” He speculated that this development might usher in a cycle where BTC surpasses the $300,000 mark.