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New Crypto Bitcoin ETF Token ($BTCETF) Trends As Market Awaits Spot ETF, Presale Ends Soon
Market insiders and investors are convinced that the SEC's approval on spot Bitcoin ETFs is not a matter of if, but when. The current crypto bull rally - which saw the Bitcoin price surge to as high as $44,700 this quarter - is a result of the market front-running the SEC's green light.
Even with Bitcoin surging over 50% in the past 3 months, there still is tremendous pent-up frenzy in the market in the lead-up to a potential Bitcoin ETF approval.
A new presale cryptocurrency - Bitcoin ETF Token ($BTCETF) is channeling this hype using innovative tokenomics - it will reward its holders when the spot BTC ETFs are approved and as and when they hit several designated accomplishments.
The demand for the crypto is evident in its presale - in less than a month, the Bitcoin ETF Token has raised over $4 million in its ICO, with many smart money traders and crypto whales as its early buyers. For instance, the admin of the Crypto Whale Pumps channel on Telegram - which has over 25k subscribers - has already purchased a substantial amount of $BTCETF.
Bitcoin ETF Token - Project Overview
Back in June of 2023, BlackRock - the largest investment company in the world - filed for a spot Bitcoin ETF application, which led to a substantial Bitcoin bull rally.
A spot ETF tracks the market price of the underlying asset - in this case BTC. This allows investors to take advantage of Bitcoin's price action from their traditional brokerage account, without actually buying and storing BTC. A spot Bitcoin ETF, when approved, is expected to add billions of dollars to BTC's market capitalization.
The US Securities and Exchange Commission had previously rejected all spot BTC applications, citing market manipulation concerns. However, with BlackRock now entering the fray, the probability of the Commission's nod is much higher. BlackRock isn't the only TradFi giant vying for an approval - Fidelity, Ark Invest, WisdomTree, Valkyrie and multiple other companies have also filed their own applications.
Grayscale's recent legal victory over the SEC has also shifted the odds in the favor of the issuers, considering that the courts ruled that the Commission acted "arbitrarily and capriciously" in denying Grayscale's initial spot BTC application. After this ruling, a report from JPMorgan stated that the SEC's green-light is "imminent".
The Bitcoin ETF Token is built around the anticipation that the SEC will finally give the ETFs its nod. Moreover, the project also believes that the ETFs will have a significant bullish impact on the Bitcoin price and will bring in an enormous amount of institutional capital to the BTC ecosystem.
$BTCETF has designed its tokenomics to reward the holders as and when these predictions come true. Since its launch on a crypto exchange, the token will charge a transaction tax of 5%, all of which will eventually be burned.
Periodic token burns are a common mechanism employed by cryptocurrencies such as Shiba Inu to create a deflationary token supply, which could provide a boost to its value.
Every time the Bitcoin ETF hits a milestone, 5% of the $BTCETF tokens will be burned and the transaction tax will reduce by 1%. The project has laid out 5 such milestones - BTCETF hitting $100 million trading volume, the approval of the first Bitcoin ETF, the day of ETF's launch into the market, when the ETFs have a cumulative asset-under-management of $1 billion and finally when the Bitcoin price breaches the $100,000 price mark.
Win Lucrative Staking Rewards With The Bitcoin ETF Token
While the crypto market is bullish on the idea that multiple spot Bitcoin ETFs are coming, the road to an approval could still be bumpy. After BlackRock and others submitted their initial filings, the SEC deemed their applications to be incomplete and unsatisfactory, asking the issuers to re-file them.
The SEC has since delayed its judgment on the applications multiple times. The Commission could continue to adopt this cagey approach for quite a while. There is also a non-zero probability of an outright rejection. In short, there is ample room for FUD and turbulent Bitcoin price action.
To combat this, the Bitcoin ETF Token offers investors to stake their tokens from the presale itself and earn staking rewards. This allows them to earn attractive passive income, irrespective of the token's price or the crypto market outlook. It also incentivizes them to hold their tokens for longer periods, decreasing the likelihood of a pump-and-dump price action.
The BTCETF staking pool is currently offering an APY of over 60%, much higher than the industry standard of 4% to 7%. However, this generous offering will continue to decrease as an increasingly higher number of tokens are staked - 416 million tokens have already been staked.
Therefore, interested buyers looking to reap the maximum benefits have no time to lose. Bitcoin ETF Token is currently available to buy at $0.0068 in its final presale stage.
Investors can purchase $BTCETF with a bank card or by swapping ETH or USDT tokens.
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