BTC-Newswire

How Bitcoin ETF acts as a ‘starting gun’ for Ethereum, Solana ETFs

Press Releases Crypto News AMB-Crypto How Bitcoin ETF acts as a ‘starting gun’ for Ethereum, Solana ETFs

Bitcoin ETFs could pave the way for similar products.
Exec advocates for long-term perspective amid volatility.

2024 has ignited widespread excitement in the cryptocurrency market, primarily fueled by the introduction of Bitcoin [BTC] ETFs. While these ETFs have increased accessibility and led to massive price appreciation, there’s more to the story.

Diogo Monica, co-founder and president of Anchorage Digital, discussed the impact of these ETFs on CNBC’s Squawk Box. Monica pointed out that the approval of a Bitcoin ETF symbolizes a shift in regulatory perspectives.

The exec suggested that regulators cannot indefinitely block legitimate financial products from entering the market. Reflecting on the broader implications of this milestone, Monica stated,

“What the market is actually counting on is definitely a set of new crypto products that will come to market soon, including Ethereum ETFs, Solana ETFs, and many other crypto products that I’m sure are coming to market. It’s really this starting gun that’s what is happening and not really just a Bitcoin ETF on its own.”

The 2024 ETF boom

Bitcoin ETFs’ swift institutional and general adoption surprised many, including Tom Lee, who acknowledged the accelerated pace. Monica concurred, highlighting,

“One of the things that was necessary for a Bitcoin ETF to be approved in the first place was that we needed all of the infrastructure that was at the same level of quality and reliability as the infrastructure from traditional finance is for traditional ETFs and that’s what we’ve got.”

The exec observed that price action has also played its part in drawing attention to the space. With each price

Go to Source to See Full Article
Author: Kamina Gilani

Did you like this?
Tip BTC Newswire with Cryptocurrency