Coinbase will now offer Bitcoin ETF trading

The most recent Bitcoin ETF market update saw raging speculations about Coinbase’s upcoming initiative to support Bitcoin ETF trading on its platform.

According to Eric Balchunas’ tweet, Coinbase is planning to launch $BITO trading; however, given the platform’s high trading fees of 1.49 percent, this could be a big mistake. The ETF analyst forewarned Coinbase about the potential ramifications of beginning $BITO trading.

This is why I say ETFs are going to rock crypto world. Crypto intermediaries used to fat fees. ETFs live in relative poverty. $BITO (not to mention the spot ETFs a comin') are 1bp to trade ANYWHERE. Coinbase should be afraid of that.

— Eric Balchunas (@EricBalchunas) November 9, 2021

Futures-linked Bitcoin ETF Frenzy Bitcoin ETFs have begun taking over the US crypto market, launching a rapid bull run for the OG crypto, with further speculations of a Spot BTC ETF in the works to directly track the underlying asset class from institutional players and lawmakers. Michael Saylor, the ultimate Bitcoin enthusiast and CEO of MicroStrategy, recently commented on BTC ETFs, predicting that they will completely dominate the economy within three years.

Furthermore, Saylor believes that Bitcoin ETFs will soon replace Gold ETFs as the primary substitute. According to CoinGape’s exclusive coverage, Saylor argued that Bitcoin would eventually replace the $425 billion SPDR S&P 500 ETF Trust, ticker SPY, as the primary asset class for the Western world.

“You’ll need the spot ETF to do that.” And once these spot ETFs are launched, I believe you’ll see billions, tens of billions, hundreds of billions, and trillions of dollars flow into them,” Saylor said last Thursday at the Bloomberg Financial Innovation Summit.

Coinbase is dipping its toes into the lucrative waters of the popular BTC ETFs. Nonetheless, this is not the first time Coinbase has used a crypto frenzy to gain a competitive advantage in the decentralized space. Last month, Coinbase ranked first on the Apple App Store, thanks to the brilliant inclusion of the Shiba Inu (SHIB) ticker in its name, along with the original Bitcoin (BTC) and the ever-evolving Ethereum (ETH). The crypto community on Twitter speculated that this was yet another ‘growth hack’ stunt by the exchange, in which the platform temporarily displayed the now-famous crypto in order to capitalize on the token’s trending status in advertising its application.

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