• The US is lightyears ahead of Europe in terms of crypto adoption due to an increased interest in Bitcoin ETFs among institutional investors.
• Institutional investors are looking for blockchain exposure via an ETF product they can trust, and the list of spot BTC ETF applications is long and growing.
• Bloomberg senior ETF analyst Eric Balchunas recently pointed out that if a spot Bitcoin ETF is approved, North American crypto ETF volumes would reach 99.5% of the global market.
The US Ahead of Europe on Crypto Adoption
A Bloomberg analyst pointed out what puts the US ahead of Europe in terms of adoption – an increased interest in Bitcoin Exchange Traded Funds (ETFs) among institutional investors. Institutional investors are seeking exposure to blockchain technology through an ETF product they can understand and trust, leading to a list of spot BTC ETF applications that continues to grow.
Bitcoin Price Stability
Since mid-June, Bitcoin’s exchange rate with USD has remained above $29,000 with resistance at $30,000. This stability has caused one metric related to Bitcoin’s price volatility to hit five-year historic lows earlier this month – even lower than US stocks! As each new application for a spot Bitcoin ETF surfaces, there’s more bullish pressure on BTC’s chart as institutions anticipate approval from the SEC.
US Dominates World Crypto ETF Volumes
Senior Bloomberg analyst Eric Balchunas recently noted that all 15 best-performing equity-based ETfs this year are related to cryptocurrencies. He further stated that if a spot Bitcoin ETF was approved, North American crypto-based exchange traded fund (ETF) volumes would account for 99.5% of the global market share.
Waiting on Approval
As markets wait anxiously for approval from the SEC on several pending spot BTC ETF applications, analysts predict a large upswing in BTC prices once it comes through. Until then however, BTC remains range bound between $29k-$30k as institutions wait patiently for their chance at blockchain exposure via traditional financial instruments like an exchange traded fund (ETF).
The US has become increasingly dominant over European countries when it comes to cryptocurrency adoption due primarily to its interest in Bitcoin Exchange Traded Funds (ETFs). With each new application submitted by institutional investors seeking exposure into blockchain technology via an investment vehicle familiar and trustworthy to them – like an exchange traded fund – markets are eagerly awaiting approval from the SEC before prices start swinging again significantly higher or lower depending upon which way sentiment shifts after news breaks regarding any potential approvals or rejections.