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Bitcoin ETFs gather steam, Google may start advertising crypto ETFs, and the halving nears

The Hash Insider

It was a relatively calm week in the crypto markets, with the Nasdaq Crypto Index (NCI) closing the week with a 2.5% correction. This trend was primarily fueled by ether’s (ETH) 8.8% downswing,  while bitcoin's (BTC) was slightly up by 0.3%. After last week’s move, ETH has erased most of its outperformance against BTC following the approval of spot BTC ETFs in the US. This could be due to the SEC delaying several open applications for spot ETH ETFs, making investors less confident that such products could launch still in the first half of 2024.

 


 

Bitcoin ETF ads may appear on Google starting Monday, community speculates

This week, Google is expected to permit specific cryptocurrency products to be promoted on its search engines and there is speculation that this change would apply to BTC ETFs. The revised policy will specifically allow ads from "advertisers offering Cryptocurrency Coin Trust targeting the United States," unlocking a major vehicle for advertising of new products now available to US investors.

 

BlackRock’s ETF reaches $2 billion in AUM

Bitcoin ETFs in the US continued to generate new flows from investors, with BlackRock being the first firm to surpass $2 billion in assets under management (AUM) last week. This comes only two weeks after the launch of bitcoin ETFs, suggesting clear investor interest for the largest crypto asset in the market today. 

 

Bitcoin halving less than three months away

The next major event to fundamentally impact investor sentiment on BTC is the halving, now expected to take place less than three months from now on April 21, 2024. Bitcoin’s fourth halving will reduce the issuance of BTC from today’s 900 BTC per day to 450 BTC on a daily basis. As we highlighted in our 2024 Crypto Investment Outlook, while the approval of spot ETFs in the US likely represents a demand shock, the halving is a clear supply shock for BTC. Together, these factors are potential fuel for strong price performance in 2024 and beyond.

 

 

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