{"id":26783,"date":"2023-12-18T11:15:33","date_gmt":"2023-12-18T11:15:33","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/spot-bitcoin-etf-will-be-bloodbath-for-crypto-exchanges-analyst-says\/"},"modified":"2023-12-18T11:15:35","modified_gmt":"2023-12-18T11:15:35","slug":"spot-bitcoin-etf-will-be-bloodbath-for-crypto-exchanges-analyst-says","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/spot-bitcoin-etf-will-be-bloodbath-for-crypto-exchanges-analyst-says\/","title":{"rendered":"Spot Bitcoin ETF will be \u2018bloodbath\u2019 for crypto exchanges, analyst says"},"content":{"rendered":"
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While the crypto community eagerly awaits the possible approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States, some analysts are warning this could potentially trigger unwanted consequences for cryptocurrency exchanges.<\/p>\n
Several industry observers have predicted that a spot BTC ETF could start trading in early 2024, in an event that, when paired with Bitcoin\u2019s upcoming block reward halving expected in April, Blockstream CEO Adam Back believes\u00a0could propel BTC to $100,000.<\/p>\n
Bitcoin proponents such as Jan3 CEO Samson Mow have said that approval of a spot Bitcoin ETF in the U.S. could even drive Bitcoin as high as $1 million in the \u201cdays to weeks\u201d following.<\/p>\n
But the forecast isn\u2019t that optimistic for centralized cryptocurrency exchanges, according to ETF Store president Nate Geraci and Bloomberg ETF analyst Eric Balchunas.<\/p>\n
Once approved, a potential spot Bitcoin ETF in the U.S. would be a \u201cbloodbath\u201d for cryptocurrency exchanges, Geraci wrote on X (formerly Twitter) on Dec. 17.<\/p>\n
According to Geraci, retail spot Bitcoin ETF buyers and sellers will benefit from underlying institutional trade execution and commissions. On the other hand, retail users of crypto exchanges will get \u201cretail trade execution and commissions,\u201d Geraci noted, stressing that those will need to improve to compete with a spot Bitcoin ETF.<\/p>\n
\nGonna be a bloodbath for crypto exchanges\u2026<\/p>\n