With Binance market dominance under threat, experts say path for spot Bitcoin ETF is now clear
Bitcoin (BTC) exchange-traded funds (ETFs) come to mind once again after striking news that Binance CEO Changpeng Zhao (CZ) has pled guilty and agreed to step down. ...
- Binance CEO Changpeng Zhao has stepped down after pleading guilty and agreeing to pay up to $4.3 billion in settlement fees to the US Department of Justice.
- A Coinbase executive believes that Binance could pay the fine without selling any crypto assets.
- A portfolio manager predicts that spot Bitcoin ETF approvals could happen once Binance loses its market dominance.
- Binance coin has dropped 8% and broken out of an ascending parallel channel, indicating a potential extended slump.
- The capitulation of Binance's CEO could create space for the approval of Bitcoin spot ETFs.
- The approval of an ETF would require Binance to be either gone or have a diminished role in price discovery.
- Institutional investors are fielding client inquiries as the SEC considers approving spot Bitcoin ETFs.
- The approval of a spot Bitcoin ETF could open up digital-currency investing to institutional and retail investors.
- The spot-Bitcoin ETF market has the potential to grow into a $100 billion industry.
- The SEC will have to decide on multiple applications for spot Bitcoin ETFs in the coming months.
- The SEC has been discussing the possibility of ETFs doing cash creates instead of in-kind crypto transactions.
The sentiment of the article is mostly negative, focusing on Binance's legal troubles and the potential impact on the approval of Bitcoin spot ETFs.