Bitcoin surges on hopes for an imminent ETF. BTCETF token pre-sale raises $2.5 million

The cryptocurrency market recently revived optimism, with Bitcoin (BTC) surpassing the $40,000 level once again. Much of this positive outlook stems from growing speculation that a Bitcoin exchange-traded fund (ETF) will finally gain regulatory approval in early 2024.

ETFs would provide mainstream investors and institutions with greater exposure to BTC, which would likely lead to significant inflows and higher prices. Beyond the potential impact on Bitcoin itself, there are projects that leverage this narrative shift like a novel. BTCETF Token.

Bitcoin Pump on Imminent ETF Hopes?

Bitcoin rose as high as $42,371 on Monday and has fallen to around $41,500 at the time of this writing. The main catalyst appears to be a pivotal regulatory period between January 5 and 10, 2024, when the SEC may begin accepting Bitcoin ETF applications after years of rejecting them.

Altcoin Daily, a popular cryptocurrency analyst channel, explained this logic to its 1.4 million followers and compared the situation to the approval of a spot gold ETF in 2004. “Wall Street listed the first spot gold ETF in November 2004, and the price never fell again. If the BlackRock ETF (and others) get approved, we may never see this Bitcoin price again.”

They also estimated: “According to Bloomberg’s expert analysts, there is a 90% chance that all spot ETFs will be approved by January 5-10, 2024. Furthermore, when the price of gold (or any commodity) rises and demand increases, supply always increases. The more demand, the more gold is mined. With Bitcoin, it is algorithmically impossible to increase supply flow. It is built on stone in the most open and transparent way.”

Altcoin Daily explained that with the upcoming Bitcoin halving event, block rewards will be cut in half, which will reduce new BTC inflows by 50% even if demand remains constant. They noted that the price of Bitcoin could see significant upside if demand increases in addition to limited new supply.

In addition to speculative retail traders, institutions also appear to be preparing for a post-ETF environment. According to cryptocurrency analytics platform Santiment, “The euphoria surrounding #Bitcoin, which surpassed $40,000 over the weekend (currently $42,000), continues to trend across #crypto platforms. And with most traders making big profits in 2023, it appears that tax-related discussions are increasing with 2023 less than four weeks away.”

Perhaps investors will want to tally up their profits and losses for 2023 to plan for their tax obligations before the new year. With Bitcoin hitting multi-month highs, many cryptocurrency holders are likely to face massive capital gains liabilities.

Bitcoin ETF (BTCETF) Pre-Sale Leveraging Approval Hopes

As excitement builds around the SEC’s decision on several Bitcoin ETF applications in early 2024, one innovative and emerging token aims to leverage Bitcoin ETF (BTCETF). As the name suggests, BTCETF seeks to benefit from the approval and launch of these first regulated Bitcoin investment vehicles.

The ERC-20 token is currently being raised and has raised over $2.5 million in pre-sales to date. The initial sale price is $0.005 per BTCETF, and the current price has reached $0.0062 per BTCETF after several increases, with another price increase expected soon.

BTCETF plans to burn 25% of the total token supply at five milestones based on the ETF approval process. The additional 5% burn is contingent on Bitcoin reaching $100,000, reducing the total BTCETF circulating supply to 1.575 billion tokens.

In addition to these deflationary losses, BTCETF imposes a 5% tax on all buy and sell transactions, permanently eliminating these tokens as well.

For example, the fourth milestone hinges on the Bitcoin ETF reaching $1 billion in total assets under management (AUM). Once this key threshold is reached, 5% of all BTCETF tokens in circulation will be burned and transaction taxes will be reduced from 2% to 1%.

The fifth and final milestone focuses on Bitcoin itself crossing the key $100,000 price level at any point. If BTC crosses this psychological barrier and closes the daily candle, an additional 5% of all BTCETF tokens will be destroyed. Additionally, the 1% transaction tax charged prior to this milestone will be completely reduced to 0% after this achievement is triggered.

BTCETF provides indirect exposure and upside to traders and investors by combining token economics with the adoption of an SEC-approved and regulated Bitcoin ETF. If the consensus view holds and a Bitcoin ETF launches in early 2023, significant product inflows could push BTC to new highs. As a result, the deflationary dynamics of BTCETF could cause the token price to rise exponentially due to the current pre-sale price.

BTCETF Pre-sale Confirmation

With growing optimism about the approval of a Bitcoin ETF, it appears that both BTC and related cryptocurrency assets are poised for a big start to 2023. Projects like BTCETF are poised to capitalize on these potential macro changes, giving traders more ways to profit from deflationary token economics.

As the cryptocurrency industry matures toward greater adoption and regulation, investors have an expanding menu of derivative opportunities through which they can continue to advance.