{"id":538224,"date":"2023-06-16T10:15:56","date_gmt":"2023-06-16T10:15:56","guid":{"rendered":"https:\/\/wncen.com\/?p=538224"},"modified":"2023-06-16T10:16:04","modified_gmt":"2023-06-16T10:16:04","slug":"bitcoin-price-if-spot-etf-is-approved-gold-story","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-if-spot-etf-is-approved-gold-story\/","title":{"rendered":"What Happens To Bitcoin Price If Spot ETF Is Approved? Gold ETF Story Reveals"},"content":{"rendered":"

The application by BlackRock, the world’s largest asset manager, for approval of a Bitcoin spot ETF with the US Securities and Exchange Commission (SEC) is the biggest story in the crypto market today. Numerous experts are extremely optimistic that an approval of the first Bitcoin spot ETF in the US will be a massively bullish event, attracting huge amounts of new capital and triggering a new bull run.<\/p>\n

But where does this theory come from? Bitcoin is often referred to as the digital gold of the 21st century, so it’s an obvious choice to look at the history of gold and the first gold based spot ETF.<\/p>\n

Why The BlackRock Bitcoin ETF Would Be So Bullish<\/h2>\n

The first thing to note is that BlackRock applied for a spot ETF and not a Futures ETF. The SEC has already approved a number of Bitcoin Futures ETFs that hold Bitcoin futures contracts on the CME. These are currently traded on the US equity markets, but have relatively low popularity. And this has its reasons, first and foremost the so-called “drag”, as Scimitar Capital explains<\/a>.<\/p>\n

Drag refers to the underperformance of a fund that attempts to replicate the return of a particular underlying asset and is a long-term result of regular portfolio rebalancing. To track the spot price, BITO, the largest bitcoin futures ETF, holds 2\/3 in the front-month future and 1\/3 in the following month.<\/p>\n

Related Reading: Why Is Bitcoin Up Today?<\/a><\/div>\n

However, this “rolling” is costly because of transaction fees, slippage and because futures for the last month are usually traded at a premium over the first month in BTC (“contango”). For this reason, futures ETFs are not a good investment for retail traders in the long run and are therefore unpopular.<\/p>\n

A Bitcoin spot ETF does not have these disadvantages. “This is the reason why physically backed ETFs like GLD and IAU for gold have a combined 90B of AUM whereas futures backed ones like BITO and USO have a paltry 1.6B,” Scimitar Capital says.<\/p>\n

The first gold ETF, the SPDR Gold Trust ETF (GLD), was listed on the NYSE on November 15, 2004 and revolutionized gold trading. Before GLD came on the market, it was possible to invest in gold in the form of bars, coins, certificates and shares of gold mining companies.<\/p>\n

Related Reading: Bitcoin Price Aims $26,200 But 100 SMA Hold The Key In Short-Term<\/a><\/div>\n

The exchange-traded fund made investing in precious metals a no-brainer and eliminated the problems of shipping and vaults. The same revolution could be coming to Bitcoin by a Bitcoin spot ETF. Retail investors could hold Bitcoin long-term through the ETF without worrying about custody and private keys.<\/p>\n

And the revolution in gold also made itself felt in the price. While the price of gold was still below $450 per ounce in November 2004, gold saw a meteoric rise in the years that followed.<\/p>\n

\"Gold
Gold price USD\/ OZ, 1-month chart | Source: GOLD on TradingView.com<\/a><\/figcaption><\/figure>\n

In September 2011, less than seven years after the launch, gold was trading at $1920 per ounce. Many economic factors have influenced the price of gold, but the launch of ETFs certainly played an influential role in attracting global institutional funds to the market.<\/p>\n

The digital gold of the 21st century, Bitcoin, may yet see this price explosion if history repeats itself.<\/p>\n

At press time, BTC traded at $25,604, reclaiming the 200-day EMA (blue line).<\/p>\n

\"Bitcoin
Bitcoin price reclaims 200-day EMA, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The application by BlackRock, the world’s largest asset manager, for approval of a Bitcoin spot ETF with the US Securities and Exchange Commission (SEC) is the biggest story in the crypto market today. Numerous experts are extremely optimistic that an approval of the first Bitcoin spot ETF in the US will be a massively bullish event, attracting huge amounts of new capital and triggering a new bull run. But where does this theory come from? Bitcoin is often referred to as the digital gold of the 21st century, so it’s an obvious choice to look at the history of gold and the first gold based spot ETF. Why The BlackRock Bitcoin ETF Would Be So Bullish The first thing to note is that BlackRock applied for a spot ETF and not a Futures ETF. The SEC has already approved a number of Bitcoin Futures ETFs that hold Bitcoin futures contracts on the CME. These are currently traded on the US equity markets, but have relatively low popularity. And this has its reasons, first and foremost the so-called “drag”, as Scimitar Capital explains. Drag refers to the underperformance of a fund that attempts to replicate the return of a particular underlying asset and is a long-term result of regular portfolio rebalancing. To track the spot price, BITO, the largest bitcoin futures ETF, holds 2\/3 in the front-month future and 1\/3 in the following month. Related Reading: Why Is Bitcoin Up Today? However, this “rolling” is costly because of transaction fees, slippage and because futures for the last month are usually traded at a premium over the first month in BTC (“contango”). For this reason, futures ETFs are not a good investment for retail traders in the long run and are therefore unpopular. A Bitcoin spot ETF does not have these disadvantages. “This is the reason why physically backed ETFs like GLD and IAU for gold have a combined 90B of AUM whereas futures backed ones like BITO and USO have a paltry 1.6B,” Scimitar Capital says. The first gold ETF, the SPDR Gold Trust ETF (GLD), was listed on the NYSE on November 15, 2004 and revolutionized gold trading. Before GLD came on the market, it was possible to invest in gold in the form of bars, coins, certificates and shares of gold mining companies. Related Reading: Bitcoin Price Aims $26,200 But 100 SMA Hold The Key In Short-Term The exchange-traded fund made investing in precious metals a no-brainer and eliminated the problems of shipping and vaults. The same revolution could be coming to Bitcoin by a Bitcoin spot ETF. Retail investors could hold Bitcoin long-term through the ETF without worrying about custody and private keys. And the revolution in gold also made itself felt in the price. While the price of gold was still below $450 per ounce in November 2004, gold saw a meteoric rise in the years that followed. In September 2011, less than seven years after the launch, gold was trading at $1920 per ounce. Many economic factors have influenced the price of gold, but the launch of ETFs certainly played an influential role in attracting global institutional funds to the market. The digital gold of the 21st century, Bitcoin, may yet see this price explosion if history repeats itself. At press time, BTC traded at $25,604, reclaiming the 200-day EMA (blue line). Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":538227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,7720,1119,1944],"class_list":["post-538224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-blackrock","tag-btc","tag-etf"],"acf":[],"yoast_head":"\nWhat Happens To Bitcoin Price If Spot ETF Is Approved?<\/title>\n<meta name=\"description\" content=\"Bitcoin is often referred to as digital gold, so it's an obvious choice to look at the history of gold and the first gold based spot ETF.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-price-if-spot-etf-is-approved-gold-story\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Happens To Bitcoin Price If Spot ETF Is Approved?\" \/>\n<meta property=\"og:description\" content=\"Bitcoin is often referred to as digital gold, so it's an obvious choice to look at the history of gold and the first gold based spot ETF.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-price-if-spot-etf-is-approved-gold-story\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-16T10:15:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-16T10:16:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/space-shuttle-in-sky-with-stars-and-clouds-rocket-in-deep-space-scifi-picture-id1360144430.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jake Simmons\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/realJakeSimmons\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jake Simmons\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-if-spot-etf-is-approved-gold-story\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-price-if-spot-etf-is-approved-gold-story\/\"},\"author\":{\"name\":\"Jake Simmons\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/d4fcdbfaec61dd668092ba3f4d318028\"},\"headline\":\"What Happens To Bitcoin Price If Spot ETF Is Approved? 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"What Happens To Bitcoin Price If Spot ETF Is Approved? 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