Spot Bitcoin ETF will be ‘bloodbath’ for crypto exchanges, analyst says

While the crypto community eagerly awaits the possible approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States,  some ETF analysts are warning this could potentially trigger unwanted consequences for cryptocurrency exchanges.

Several industry observers have predicted that a spot BTC ETF could start trading in early 2024, an event that, paired with Bitcoin’s fourth halving expected in April, Blockstream CEO Adam Back believes could propel BTC to $100,000 .

Bitcoin proponents such as Jan3 CEO Samson Mow have said that SEC approval of a spot Bitcoin ETF in the U.S. could even drive Bitcoin as high as $1 million in the “days to weeks” following.

But the…

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