Bitcoin ETFs Celebrate 1 Year Since US Approval

Key Points

• Today marks 1 year since BTC ETFs were approved in the US, helping BTC’s price surpass $100,000 in 2024.
• Yesterday, Nasdaq proposed a rule change to the SEC to increase positions and exercise limits for IBIT options.

Today, January 10 marks a year since the US BTC ETFs were approved, becoming the fastest-growing products in history.

Bitcoin ETFs Celebrate 1 Year Since Approval

11 Bitcoin ETFs were approved on January 10, 2024, marking an important event in the crypto industry.

The crypto products managed to surpass the important level of $20 billion much faster than gold, and helped push BTC’s price above the important psychological level of $100,000 in 2024.

As of January 8, the total net assets in BTC ETFs were almost $107 billion, and the cumulative net flow in the crypto products surpassed $36.3 billion, according to SoSoValue data.

Yesterday, BTC ETFs did not record any inflows or outflows. January 9 was declared a national mourning day in the US, due to paying tributes to former president Jimmy Carter.

The other day, BTC recorded a price drop to $91,000 but managed to rebound above $95,000 since, fueled by optimism about the upcoming Trump administration.

BlackRock’s Bitcoin ETF IBIT was the best-performing crypto product with over $37.8 billion in cumulative net inflows since its debut on January 11, 2024.

Nasadq Proposed an SEC Rule Change Regarding IBIT Options

Yesterday, it was reported that Nasdaq proposed a rule change to the US SEC to increase position and exercise limits for IBIT options from 25,000 to 250,000 contracts.

Nasdaq ISE argued that these higher limits are necessary to accommodate the ETFs significant market presence. The official document is dated December 31, 2024.

Increasing these limits reflects growing confidence in Bitcoin ETFs which translates into more upcoming institutional interest in crypto.

Bitcoin Price Trajectory Today

Today, Bitcoin reclaimed $95,000 following recent liquidations and options expiry, ahead of important Bitcoin Reserve-related announcements in the US.

However, a few minutes ago, BTC experienced a price drop to $93,000, following the latest strong jobs data from December in the US.

The seasonally adjusted non-farm payrolls in the US in December were 256,000, exceeding the expectations of 160,000, hitting a new high since March 2024. The US unemployment rate was 4.1%, while expectations were 4.2%.

This translates into a stronger economy in the US and the reason for which people are selling might be less rate cuts expectations for this year.