Coinbase to Support Bitcoin ETF Trading
The latest update in the Bitcoin ETF market saw raging speculations about the crypto exchange giant, Coinbase’s upcoming initiative to support Bitcoin ETF trading on its platform. According to Eric Balchunas’ tweet, Coinbase is set to launch $BITO trading, however, it may as well be a big mistake, given the high trading fees of 1.49 percent on the platform. The ETF analyst warned Coinbase of potential consequences upon starting $BITO trading.
This is why I say ETFs are going to rock crypto world. Crypto intermediaries used to fat fees. ETFs live in relative poverty. $BITO (not to mention the spot ETFs a comin’) are 1bp to trade ANYWHERE. Coinbase should be afraid of that.
— Eric Balchunas (@EricBalchunas) November 9, 2021
Bitcoin ETF Frenzy
Futures-linked Bitcoin ETFs have taken over the US crypto market, launching a swift bull for the OG crypto, with further speculations of Spot BTC ETF in the process to directly track the underlying asset class, from institutional players along with lawmakers. The ultimate Bitcoin enthusiast and MicroStrategy CEO, Michael Saylor recently commented on BTC ETFs, noting that they will completely take over the economy within three years span. Additionally, Saylor asserted that Bitcoin ETFs will become the primary substitute for Gold ETFs in near future. CoinGape’s exclusive coverage stated that Saylor argued upon Bitcoin’s emergence as the primary asset class for the Western world, further replacing the $425 billion fund – SPDR S&P 500 ETF Trust, ticker SPY – tracking the equity index.
“To do that, you need the spot ETF. And once these spot ETFs roll, I think you’ll see billions, then tens of billions, then hundreds of billions, then trillions of dollars flow into them.”, said Saylor at the Bloomberg Financial Innovation Summit last Thursday.
Coinbase is dipping its toes in the wealthy waters of the trending BTC ETFs. Nevertheless, this will not be the first time Coinbase uses a crypto frenzy to get ahead in the decentralized sphere. Last month, Coinbase was at No.1 on the Apple App Store, and the credit went to its brilliant addition of the Shiba Inu (SHIB) ticker in the name of its organization, accompanied by the OG Bitcoin (BTC), and ever-evolving Ethereum (ETH). The crypto community on Twitter speculated this as yet another ‘growth hack’ stunt by the exchange, where the platform temporarily showcased the presently internet-famous crypto to use the token’s trending status in advertising its application.