The price of Bitcoin has been largely on hold since mid-June, with the asset trading range-bound since then. BTC/USD remains above $29,000 with resistance at $30,000. The market appears to be waiting for the SEC to approve a spot Bitcoin ETF.
In fact, one measure of bitcoin’s price stability hit a five-year low in early August. Curiously, bitcoin has been even less volatile than the U.S. stock market this month.
But with every new application for a Bitcoin spot ETF, the bullish pressure on the Bitcoin chart increases. Institutional investors are getting exposure to blockchain through ETF products they can understand and Tradfi partners they can trust.
The list of Bitcoin spot ETF applications is long and growing. When the first approval comes, market observers expect the exchange price to surge.
The United States dominates global crypto ETF trading volume
Bloomberg senior ETF analyst Eric Balchunas recently noted in a (Twitter)X thread that “every one of the 15 best-performing equity ETFs this year is crypto-related.” Furthermore, Balchunas added that a spot Bitcoin ETF would give North American crypto ETF volume 99.5% of the global market.
What’s really shocking is, first of all, that this number has reached 97.67%.
ETFs are the preferred way for institutions and tradfi participants to gain exposure to blockchain. This shows that U.S. investors are well ahead of European tradfi companies and baby boomers in taking disruption in the cryptocurrency industry seriously.
US Tradfi participants more open to blockchain
By this metric, the difference in openness to blockchain and cryptocurrencies between the U.S. and Europe is striking. Despite the eye-popping returns on investment, experienced European investors have almost completely abandoned crypto ETFs.
One of the factors that contributes to this large delta is that Americans have a greater appetite for risk in business and financial investments. This is supported by research, which found that:
“People living in Germany, Austria and the Netherlands are the most risk averse, while those living in the United States, Turkey, Australia and the United Kingdom are more risk accepting.”
Another factor may be how well traditional American values of individual liberty and private property fit with the free markets of blockchain.
Cryptocurrency businesses and advocates in the eurozone may have more success in promoting the industry’s products by highlighting how they align with values of fairness, social justice, and progress. #欧盟 #比特币ETH