{"id":10111,"date":"2024-01-25T10:16:40","date_gmt":"2024-01-25T08:16:40","guid":{"rendered":"https:\/\/forklog.com\/en\/coinbase-declares-bitcoin-mainstream-following-etf-launch\/"},"modified":"2024-01-25T10:16:40","modified_gmt":"2024-01-25T08:16:40","slug":"coinbase-declares-bitcoin-mainstream-following-etf-launch","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/coinbase-declares-bitcoin-mainstream-following-etf-launch\/","title":{"rendered":"Coinbase Declares Bitcoin ‘Mainstream’ Following ETF Launch"},"content":{"rendered":"

The introduction of spot Bitcoin ETFs in the United States has paved the way for the cryptocurrency to reach a broader audience, according to executives at Coinbase Institutional. This was reported by The Block<\/a>.<\/p>\n

\n

\u201cThe most exciting thing is that now cryptocurrency can become mainstream for the first time. [\u2026] This is the moment we have been waiting for. So for us, this is the next chapter for this asset class,\u201d said Brett Tejpaul, head of the exchange’s institutional division.<\/p>\n<\/blockquote>\n

Regarding spot Bitcoin ETFs, representatives of the trading platform stated that more traditional names have entered the market in the form of asset managers who have a significant client base and demand for the product.<\/p>\n

Greg Tusar, head of institutional product at Coinbase, believes the launch of exchange-traded funds based on the first cryptocurrency has prompted market participants to engage in \u201cnew discussions about attracting more capital.\u201d<\/p>\n

Primarily, ETF issuers are paying more attention to securing their product, the top managers emphasized.<\/p>\n

Tusar explained that Coinbase spent a lot of time preparing a set of operational procedures for a physical redemption model, which then had to be replaced with a fiat one.<\/p>\n

\n

\u201cEveryone wanted to de-risk the launch and ensure everything went smoothly, and then begin gradual scaling,\u201d he added.<\/p>\n<\/blockquote>\n

Tusar expects that the new products will attract a lot of capital, but this will not happen overnight and will take \u201cmonths and even years.\u201d<\/p>\n

According to K33 Research, nine spot Bitcoin ETFs, excluding the Grayscale Bitcoin Trust (GBTC), have attracted a total of 109,221 BTC (~$4.26 billion). Meanwhile, the net outflow from GBTC on January 22 reached 4,537 BTC ($179.6 million).<\/p>\n

Earlier, CoinDesk journalists learned about the sale of GBTC shares worth $908 million from the bankruptcy estate of the company FTX.<\/p>\n

Analysts at Glassnode have noted a trend of capital rotation into Ethereum, Solana, and altcoins following the launch of spot Bitcoin ETFs.<\/p>\n","protected":false},"excerpt":{"rendered":"

The introduction of spot Bitcoin ETFs in the United States has paved the way for the cryptocurrency to reach a broader audience, according to executives at Coinbase Institutional. This was reported by The Block. \u201cThe most exciting thing is that now cryptocurrency can become mainstream for the first time. [\u2026] This is the moment we […]<\/p>\n","protected":false},"author":1,"featured_media":10110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,138,569],"class_list":["post-10111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-coinbase","tag-etf"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=10111"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10111\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/10110"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=10111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=10111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=10111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}