The cryptocurrency market has reached a historic milestone today, as the U.S. Securities and Exchange Commission (SEC) has officially approved all 11 applications for Bitcoin spot ETFs. In addition, today marks the 15th anniversary of the start of Bitcoin trading, as Satoshi Nakamoto transferred 10 BTC to early Bitcoin developer Hal Finney.
With a market capitalization accounting for over half of the total cryptocurrency market, Bitcoin’s compliant financial product, the spot ETF, has finally obtained the SEC’s formal approval. This means that institutional investors can now trade Bitcoin spot ETFs legally in the United States, while also providing a compliant way for retail investors to invest in Bitcoin on exchanges.
Of the approved ETFs, six will be listed on the Chicago Board Options Exchange (CBOE), three on the New York Stock Exchange (NYSE), and the remaining two on NASDAQ.
It is worth mentioning that today is also an important day in Bitcoin’s history. Fifteen years ago, Hal Finney, an early Bitcoin developer, posted the first tweet about Bitcoin on X, marking the beginning of Bitcoin trading. At that time, Satoshi Nakamoto transferred 10 BTC to Finney, making him the first person in the world to acquire Bitcoin through a transaction.
The first Bitcoin block was mined by Satoshi Nakamoto on January 3, 2009, and last Wednesday, January 3, marked the 15th anniversary of Bitcoin’s birth. In that block, Nakamoto left a message: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks,” symbolizing Bitcoin’s decentralized vision, which still deeply resonates with everyone.
Has Bitcoin’s volatility changed?
Fifteen years have passed, and the cryptocurrency market environment is now vastly different. No one argues anymore whether Bitcoin will become the next Dutch Tulip, and Bitcoin’s high volatility has also undergone a transformation.
The vice president of 21co, a subsidiary of 21Shares (which jointly launched Bitcoin spot ETFs with Ark Investment), recently pointed out that last year was the first time since 2014 that Bitcoin did not experience a single-day decline of more than 10%. In the past 10 years, there have been two drops of over 20% and 43 drops of over 10%, with a probability of less than 1.3%.
In response, Tom Wan, a researcher at 21co, stated that over time, Bitcoin’s volatility has gradually decreased.
Regardless of the successful launch of Bitcoin spot ETFs in the United States or the decrease in Bitcoin’s volatility, it is evident that the cryptocurrency market is gradually maturing.
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Bloomberg predicts that Bitcoin spot ETFs will attract $4 billion on their first day, with half coming from BlackRock.