There is major speculation in the crypto market about the cryptocurrency exchange giant Coinbase planning to support the Bitcoin ETF on its platform. As per the senior ETF analyst Eric Balchunas’ tweet, Coinbase is ready to release $BITO trading. Many call it a big mistake due to the high trading fees of 1.49% on the exchange.
Balchunas, in his tweet, warned the exchange giant to look into the possible consequences of starting $BITO trading. He added:
“This is why I say that ETFs are going to rock the crypto world. Crypto intermediaries used to fat fees. ETFs live in relative poverty. $BITO are 1bp to trade ANYWHERE. Coinbase should be afraid of that.”
Bitcoin ETF leads to king coin’s new ATH
Futures-linked Bitcoin ETFs are ruling over the entire US crypto market, which led to Bitcoin breaching previous ATH. Today’s TheCoinRise report about BTC’s sudden move, gaining a fresh ATH is worth mentioning here. Speculators and market players are saying that the spot Bitcoin ETF is gearing up to directly track the underlying asset class.
Michael Saylor, the famous BTC enthusiast and Chief Executive Officer (CEO) of MicroStrategy, recently said that BTC ETFs would soon substitute gold ETFs. As we reported, he further added that this replacement will not take more than three years and that sooner or later, regulators have to adopt it.
Coinbase never fails to grab the attention of crypto investors with its new partnerships and announcements. The new entry in the list is trying its hands on trending BTC ETFs. In October, the crypto exchange giant announced the launch of its own NFT marketplace, which led to a flood of signups within a day. The crypto investors are calling it yet another “growth hack” stunt by the exchange giant. It is because the platform is known for using the most trending things in the crypto world to advertise the application.
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