A new cryptocurrency – Bitcoin ETF Token ($BTCETF) – is also gaining strong traction, thanks to its innovative tokenomics which rewards investors when the spot BTC ETFs are approved and hit key designated milestones.
/Bitcoin ETF Token/ – The hype surrounding the likely approval of a spot Bitcoin ETF refuses to die down, leading the Bitcoin price to printing yet another yearly high earlier this week. BTC hit just under the $39,000 mark on Friday and is continuing to trade above the $38,000 support level at press time.
Market insiders remain confident that the spot Bitcoin ETF approval is coming before January 10th, 2024, highlighting that the US Securities and Exchange Commission has been engaging with the issuers at a much higher frequency. Indeed, the SEC met with Grayscale and BlackRock earlier this week, while Franklin filed an updated S-1 prospectus.
The ETF frenzy has led crypto analysts to give varying degrees of bullish Bitcoin price prediction, with trader @CredibleCrypto predicting a new BTC all-time high before the end of the year. Most analysts are in consensus that the largest cryptocurrency will hit the $40,000 yearly high before the end of 2023.
New Trending Cryptocurrency – Bitcoin ETF Token
A new cryptocurrency – Bitcoin ETF Token ($BTCETF) – is also gaining strong traction, thanks to its innovative tokenomics which rewards investors when the spot BTC ETFs are approved and hit key designated milestones.
$BTCETF has witnessed considerable success in harnessing the ETF buzz, having already raised over $2.1 million in its presale in just 3 days. The token has found its way onto the pages of popular news publications such as Yahoo Finance, CoinTelegraph and Finbold.
Why Are Smart Money Traders Buying the Bitcoin ETF Token?
Market insiders are extremely bullish that the US Securities and Exchange Commission will green-light multiple spot Bitcoin ETFs by the first quarter of 2024, likely between the January 5 to January 10 window. In fact, Mike Novogratz of Galaxy HQ believes that the SEC’s nod could come before the end of the year.
The current crypto bull rally is a result of the investors front-running a post-approval pump. BTC is obviously high in demand, as reflected by its soaring price – the Bitcoin price is now up 120% year-to-date. Investors are also opening long positions on altcoins such as XRP, Sui crypto and Chainlink.
Similarly, several smart money traders and deep-pocketed investors are also buying the Bitcoin ETF Token. For instance, the admin of the Crypto Whale Pumps channel on Telegram – which has over 25k subscribers – recently announced that he has purchased $BTCETF tokens in the ICO itself.
Traders such as Crypto Boy and Jacob Bury are also bullish on the token, all highlighting its innovative tokenomics.
$BTCETF Tokenomics
$BTCETF will continue to track the spot Bitcoin ETF applications that are currently awaiting the SEC’s nod and will burn 5% of its token supply when these ETFs hit five designated milestones. Token burn is a popular mechanism – utilized by cryptocurrencies like Shiba Inu – to create a deflationary supply, which could lead to a surge in its price.
The first milestone will be reached when $BTCETF hits the $100 million trading volume, at which point 5% of the tokens will be burned. The second milestone will be achieved when the SEC approves a spot Bitcoin ETF, while the third milestone will be met on the day the ETFs are launched in the market.
The project is also anticipating that the ETFs will have an extremely bullish impact on the Bitcoin price. After all, the US ETF market was valued at $7 trillion in 2022, which has led experts such as Lark Davis to believe that the BTC ETFs will add over $20 billion to Bitcoin’s market cap.
Therefore, the Bitcoin ETF Token will hit its fourth milestone when the ETFs amass an AUM of over $1 billion, while the fifth milestone will constitute the Bitcoin price hitting the $100k price mark.
To accomplish this, 25% of the token supply has been set aside for the burn mechanism – 5% for every milestone hit.
Since its launch on a crypto exchange, the token will also charge a tax of 5% on every transaction, which will also be burned. This transaction tax will be reduced by 1% for every milestone hit – consequently, there will be no tax after the BTC price hits the $100k price mark.
In addition, investors can head to the project website and monitor the latest updates in regards to potential Bitcoin ETF approval.
Bitcoin ETF Token’s Staking Program Gains Traction
Despite the popularity of Bitcoin, its lack of passive income opportunities has long been criticized by retail investors. Due to the ETF hype, the Bitcoin price could be susceptible to FUD and display extreme volatility in the coming days.
For instance, a false report last month – which stated that BlackRock’s Bitcoin ETF has been approved – led to a massive bull rally, only to be followed by a sharp decline once the falsehood came to light.
Similarly, there is always a non-zero probability of the SEC outright rejecting the applications, which could push the crypto prices into a free fall.
To combat this, the Bitcoin ETF Token allows investors to earn staking rewards during the ICO and beyond, currently at an APY of 118%. Investors choosing to stake their tokens can earn passive income, irrespective of the token price or the broader market outlook.
The project has allocated 25% of its token supply to be distributed as staking rewards.
The token’s staking program also reduces the chances of pump-and-dump price action, considering that the investors are incentivized to hold their tokens for longer periods. For an additional layer of security, the Bitcoin ETF Token’s smart contract has been audited by Coinsult, which revealed no major vulnerabilities or centralization risks.
$BTCETF ICO
The project has allocated 40% of the token supply to be sold out in the ICO, allowing ample opportunities for investors to get in early. However, the ICO will be divided into 10 stages, with the token price increasing upon the completion of each one, thus rewarding early buyers.
Currently, $BTCETF is priced at $0.005. However, this ICO stage is set to end on Saturday or when the token raises $2.49 million – whichever happens first – at which point, the token’s price will surge.
By the end of its ICO, the Bitcoin ETF Token will be priced at $0.0068, which represents a 13% ROI for investors buying the token today. Interested buyers can purchase the token through bank cards or by swapping ETH or USDT in exchange for it.