NYSE President Lauds Bitcoin ETFs and Liquidity It Brought to Markets

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NYSE President Lauds Bitcoin ETFs and Liquidity It Brought to Markets – Crypto News

Published

2 years ago

May 31, 2024

Dripp

The New York Stock Exchange (NYSE) Group President, Lynn Martin has hailed the launch of Bitcoin ETFs and the liquidity it infused into the financial market. Traditional finance executives have increased their appetite for the asset class directly or indirectly through ETFs spurring price jumps around the crypto market.

Bitcoin ETFs Changed The Narrative

The launch of Bitcoin ETFs on Jan 11 sparked a new drive among traditional investors in the crypto market. Lynn Martin stressed the benefits so far recorded in terms of price and liquidity to the underlying market.

“We’ve been having conversations with the Securities and Exchange Commission (SEC) for more than six years about Bitcoin ETFs. I think you can’t argue with the success of Bitcoin ETFs and the liquidity it has brought to the underlying market.”

Appreciating the success of Bitcoin, she noted the inflows of funds and its effect on the market’s liquidity. Bitcoin price spiked to an all-time high above $73,000 since the launch of spot ETFs in the United States. The wider market cap has also seen massive numbers with bulls attempting a bull run consolidation.

To put gains into perspective, Bitcoin ETFs have notched nearly $60 billion in inflows with BlackRock’s IBIT up to $19.9 billion.

Approval of spot Bitcoin ETFs also led to anticipation around Ethereum ETFs with increased appetite from Wall Street. The approval also led to a sense of legitimacy around the asset class in the United States which has had a spell of uncertain rules.

Firms Increase Bitcoin Exposure

The launched funds dominated market sentiments in Q1 2024 and led to banks and other financial institutions gaining exposure to these assets. This month, firms disclosed their spot Bitcoin ETF holdings sparking a frenzy within the crypto spaces.

Institutions like Wells Fargo, Morgan Stanley, and Bank of Montreal among others disclosed spot ETF holdings. At press time, Bitcoin price stands at $68,284 making a slight correction as sentiments plunge. The launch of spot ETFs is projected to lead the wider market adoption.

Also Read: Bybit Overhauls Leadership After Troubled Notcoin Launch

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