With the forthcoming decision on several spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETF) proposals, the potential implications for the cryptocurrency sector and Coinbase Global Inc. (NASDAQ:COIN) have sparked divergent views among industry experts.
What Happened: A CoinDesk report revealed that the U.S. Securities and Exchange Commission (SEC) is on the brink of deciding on a host of applications for spot bitcoin ETFs. The applicants include heavyweights in asset management such as BlackRock, Fidelity, and Franklin Templeton.
Pantera Capital’s Managing Partner, Dan Morehead, indicated that the approval of these ETFs could substantially shape the crypto sector.
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Morehead compared past events such as the launch of crypto futures by the Chicago Mercantile Exchange in 2017 and Coinbase’s Nasdaq debut in 2021, which were seen as “buy the rumor, sell the news” occurrences, and did ...