Shiba Inu: Anticipating Bitcoin ETF Profits to Boost SHIB

• Speculations Surrounding Bitcoin's Spot ETF Impact on the Crypto Market
• Ripple Effect on Other Cryptocurrencies
• Spot Bitcoin ETF Profits and Shiba Inu (SHIB)
• Potential Trickle-Down Effect in the Market
• US SEC Decision Anticipation

Speculations Surrounding Bitcoin's Spot ETF Impact on the Crypto Market

The Bitcoin$42,260 -0.64% (BTC) spot ETF (Exchange Traded Fund) is currently a hot topic in the world of cryptocurrency. With high expectations that the US Securities and Exchange Commission (SEC) will give the green light to one or more spot BTC ETFs in the near future, the crypto market has seen a notable surge. Bitcoin's price, for instance, has recently soared to around $47k.

Ripple Effect on Other Cryptocurrencies

Bitcoin's rally has invigorated other cryptocurrencies too, including Shiba Inu$0.000010 -2.05% (SHIB). Following a recent market correction, Shiba Inu (SHIB) recovered a zero following its decimal point, which it had lost in December. Despite this, the market rally sparked by the anticipation of a spot BTC ETF has seen SHIB increase by almost 5% in the last 24 hours. However, the memecoin popular among many investors is still down 11.1% on the weekly charts and over 7% compared to the previous month.

Spot Bitcoin ETF Profits and Shiba Inu (SHIB)

Bitcoin's price has surged by over 180% since January 2023 and in contrast, Shiba Inu (SHIB) has gained only approximately 9% during the same duration. However, if the SEC approves a spot BTC ETF in the upcoming days, cryptocurrencies could experience a price surge.

Potential Trickle-Down Effect in the Market

Bitcoin typically has a trickle-down effect on the market. If a spot BTC ETF gets approved, the pioneering cryptocurrency is likely to attain new highs. As a result, investors with profitable returns from Bitcoin may choose to invest their gains, potentially amassing to millions, into other projects such as Shiba Inu (SHIB) and various popular altcoins. Consequently, SHIB and the wider crypto market may indirectly reap the benefits of a spot BTC ETF through investors diversifying their profits.

US SEC Decision Anticipation

The US SEC has yet to announce its final decision regarding the approval of a spot BTC ETF. However, according to Bloomberg analysts, there is a 95% chance that the SEC will approve one or more spot BTC ETFs in the near future.

Edited by Jonathan Stoker