Bitcoin Worth $1B Transferred By Just Paying $7.30 In Fees: Can Traditional Banking Carry Out Such A Feat? from fca approved bitcoin traders Watch Video

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✓ Published: 20-May-2024
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A mammoth transfer of more than a billion worth of Bitcoin, accomplished by paying a fraction in fees, grabbed the market's attention, leading to discussions around the nature of the transfer.

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<p>On this week's episode of Yahoo Finance Future Focus, our host Brian McGleenon spoke to Standard Chartered Head of Crypto Research Geoff Kendrick, who shared his insights into the evolving landscape where traditional finance incumbents, such BlackRock and Franklin Templeton, are involving themselves in the cryptocurrency sphere via the recently launched spot bitcoin exchange traded funds (ETFs).A spot bitcoin ETF is a financial product that investors hope will pave the way for mainstream capital to flood the crypto market. Currently, the indications are favorable, with fund managers having allocated over $4 billion in net inflows to the eleven spot bitcoin ETFs approved by the US Securities and Exchange Commission (SEC) on January 11.Kendrick anticipates a shift in the US 401K market, with retirement fund managers expected to allocate funds to the recently launched ETFs. Additionally, he projected an overall net inflow of approximately $50 billion to $100 billion into spot bitcoin ETFs in 2024. Regarding ether, he foresees the approval of spot ether ETFs by the SEC in May, leading to a net inflow ranging between $20 billion and $35 billion into spot ether ETFs throughout 2024.</p>
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Ethereum's price spiked above $3,600 after rumors that the SEC has asked ETF applicants to resubmit filings. Trading volumes exceeded 200% in the past day as sentiment turned bullish on a potential ETF approval, similar to what happened in January for Bitcoin ETFs. ETH's market cap increased by half of Solana's in just 3 minutes during the spike, creating the largest ever daily candle. If approved, ETH could quickly reach $4,000-$5,000 by year's end. Without approval, prices may retrace to $3,000.
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