Heaptalk, Jakarta — A week after the United States government approved the Bitcoin ETF through the Securities and Exchange Commission (SEC), Bitcoin was observed to be corrected.
In response to this matter, Reku’s Chief Compliance Officer (COO), Robby, who also served as Chairman of Aspakrindo, showed his robust optimism about investors’ enthusiasm. He sees that investors tend to wait and see regarding economic developments in the United States. Regarding the macroeconomic conditions, Robby stated that inflation in the United States experienced an increase of 3.4%, compared to the previous inflation of 0.3% in December 2023. This increase was above economists’ expectations of 3.1%.
“This unexpected inflation growth has also increased investor vigilance in high-risk instruments such as crypto assets. However, the potential for the green zone is still open. For this reason, we must continue to monitor market conditions while continuing to invest.” Robby added, during Bitcoin Spot ETF’s webinar. (01/17)
Bitcoin Spot ETF adoption is claimed to be a game-changer in driving investor enthusiasm. According to him, this crypto asset opens up the potential for traditional investors to enter the crypto market through Bitcoin. This potential can encourage more significant fund flows from retail and institutional investors.
Regarding regulations in Indonesia, Robby explained that his party hopes there will be a significant increase in users. Bitcoin Spot ETF in global transactions is believed to increase public confidence in Bitcoin. He also saw that this opportunity would open up information regarding regulatory references, including in Indonesia.
Bitcoin’s Analyst and Content Creator of KonsultanBTC, Hendry Mualim, admitted that the presence of giant companies such as BlackRock and Fidelity makes Bitcoin something that investors and other asset managers should consider.
“We expect that the Spot Bitcoin ETF momentum will increase the interest of novice investors to start investing in crypto. Meanwhile, for experienced investors, this corrected condition can be used to buy the dip while monitoring market conditions turning green again,” said Hendry.
As CoinMarketCap noted today (01/18), Bitcoin weakened by 8.47% in a week and reached US$42,654, equivalent to Rp666 million. Previously, the green zone dominated the crypto market on Tuesday (01/16). Based on the data, Bitcoin increased by 1.09%, attaining US$42,644, although the asset experienced a weekly depreciation of 8.86%. On the other hand, Ethereum was also in the positive zone at 1.1% on Tuesday and flew by 8.78% during the week.
In early January 2024, the United States Securities and Exchange Commission (SEC) officially approved Bitcoin ETF applications by 11 companies. As a result, the company’s spot Bitcoin ETF product has also been listed on the stock market.
In more detail, these eleven issuers cover BlackRock, Grayscale, Ark Investments/21Shares, Bitwise, WisdomTree, Fidelity Wise Origin, VanEck, Invesco Galaxy, Valkrie, Hasdex, and Franklin. Six ETFs will be listed on the Chicago Board Options Exchange (CBOE), while three will be on the New York Stock Exchange (NYSE), and two will trade on the Nasdaq.
