Several large-cap cryptocurrencies, including Ethereum, Solana, Cardano, and others, rallied following the approval of a spot Bitcoin exchange-traded fund (ETF) in the U.S.
BTC’s price mostly traded flat following the news, posting a modest 1.35% gain to trade at $46,258 as of press time. This price performance is surprising considering the hype and enthusiasm the applications generated over the past several months.
Several analysts had predicted that the ETF approval could be a “sell-the-news” development. K33 research senior analyst Vetle Lunde claimed that BTC’s price performance following the SEC fake ETF approval rumors of Jan. 9 showed that the “ETF approval rehearsal favors a sell-the-news reaction.”
However, crypto analyst Michaël van de Poppe chimed that BTC’s price might improve “with the deal-flow on the ETF approval.” He added that this might be the cycle BTC’s price going above $300,000.
Meanwhile, data from CryptoSlate show that the other top 10 digit
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