The major approval by the US Securities and Exchange Commission (SEC) over the trading of spot Bitcoin Exchange-Traded Fund (ETF) has set the crypto market abuzz. However, Bitcoin price might have declined when BTC ETF trading started but now it has again grabbed the upward momentum. The latest development is linked to the advertising campaign of BTC ETFs.
Google makes new rules
According to a report, Asset managers giants including BlackRock, Fidelity, Grayscale, Invesco, and Bitwise, have launched an online advertising campaign for their bitcoin ETFs. This comes following a change in Google’s marketing rules.
The new rules allow ads for “cryptocurrency coin trusts” to appear alongside search results related to queries such as “bitcoin ETF.” As per reports, this change took effect on January 29, just after the launch of ten bitcoin ETFs on January 11.
The advertising push involves a fee war among issuers. Most ETF providers have slashed or waived fees to attract investors. Asset managers are leveraging Google and other search engines as crucial components. It is part of their marketing strategies to reach potential clients and retail investors are the priority here.
The report suggests that the move to advertise on platforms like Google is seen as a more efficient way to raise capital from investors. However, some firms have used attention grabbing tactics. This includes projecting ads on buildings or using popular memes, online advertising remains a key tool for asset managers.
What’s up with ETFs?
The launch of US spot Bitcoin ETFs on January 11 marked a major event. Investors have poured over $7 billion into these ETFs. However, Grayscale’s product saw outflows of more than $5.6 billion. The ETFs are viewed as an opportunity to bring attention and flow to virtual coins. It is potentially closing the so-called “Alameda gap” in crypto trading left by the collapse of the FTX exchange and Alameda Research.
As of the end of January, total net inflows across all bitcoin ETF products were just below $1.5 billion, with Bitcoin trading around $43,000, slightly down from the start of the year. The introduction of US spot Bitcoin ETFs is expected to impact crypto markets, attracting more investor attention and flows to virtual coins.
Bitcoin is trading at an average of $43,416, at the press time. BTC price is up by more than 3% in the last 7 days. Its 24 hour trading volume is up by 16% to stand at $15.5 billion.
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