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Bitcoin ETF Approval Is Historic Moment for BTC, Miners: Analysts

Mining stocks represent an attractive opportunity for investors looking to gain access to the long-term bitcoin adoption trade, the analysts wrote.

Updated Mar 8, 2024, 7:45 p.m. Published Jan 11, 2024, 3:32 p.m.
Bitmain Antminer S19 Hydro mining rigs (Eliza Gkritsi/CoinDesk)
Bitmain Antminer S19 Hydro mining rigs (Eliza Gkritsi/CoinDesk)

Investors should turn their attention to the potential impact on the bitcoin [BTC] price now that spot BTC exchange-traded funds (ETFs) have been approved, broker Cantor Fitzgerald said in a research report.

The approval should be viewed as a “landmark milestone in bitcoin’s short history, with substantial implications for long-term price appreciation,” Cantor said.

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“We believe this approval acts as a major demand shock to the market, occurring a few months before bitcoin’s recurring supply shock: the halving event expected in April 2024,” analysts Josh Siegler and Will Carlson wrote. When bitcoin halving occurs, the rewards miners receive are cut by 50%.

“With levered upside and theoretical hedged downside, we believe bitcoin miners represent an attractive investment opportunity for equity investors looking for a way to access this long-term bitcoin adoption trade,” the authors wrote, adding that the spot ETFs could have a “substantial positive impact on bitcoin miner valuations.”

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Investment bank H.C. Wainwright & Co. said spot ETF approval is a “historic moment for bitcoin and the miners,” as ETFs offer both retail and institutional investors a “familiar and regulated investment vehicle” and should significantly expand access to the world’s largest cryptocurrency.

“We believe many BTC-curious institutional and retail investors have lacked either the willingness or the ability to directly invest in BTC, given the nuanced requirements to acquire digital assets,” analyst Mike Colonnese wrote. “We expect significant incremental demand for BTC via these newly approved spot ETFs.”

Read more: Bitcoin Miners May Be Due a Breather After Spot ETF Approval, JPMorgan Says


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Exchange Review March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.

What to know:

Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.

  • Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
  • Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions. 
  • Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.

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