Bitcoin ETF (BTCETF), a new crypto project designed to benefit from a spot Bitcoin ETF approval, has reached a major presale milestone of $2 million. This news comes as optimism builds around the chances of a spot Bitcoin ETF being approved in early 2024.
Senior Bloomberg ETF analyst Eric Balchunas reiterated on X (Twitter) on Wednesday that he is still estimating a 90% chance of spot Bitcoin ETF approval by Jan. 10, 2024. This would line up with the deadline for the SEC to make a decision on several Bitcoin ETF applications.
Balchunas wrote: “People asking me if we changed odds. No, we’re still holding line at 90% odds of approval by Jan. 10 (aka this cycle), the same odds we’ve had for months (before it was cool/safe).”
He added that he is watching for more amended filings to roll in and clarity on whether approvals would allow in-kind or cash creation of ETF shares.
His colleague James Seyffart agreed, saying the recent spot Bitcoin ETF delays likely signal the SEC lining up applicants for potential coordinated approvals by the January deadline.
As optimism builds for spot Bitcoin ETFs in early 2024, BTCETF continues to gain momentum. The innovative crypto project has built-in mechanisms to benefit from ETF approval milestones.
BTCETF’s Presale Reaches $2 Million
After just a few weeks, BTCETF’s presale has raced past the $2 million mark – a major achievement signaling strong interest. The coin price has already increased from $0.005 to $0.006 in presale, with the next price jump set to occur in less than two days.
BTCETF is now in stage six of its presale tier system, with 10 stages in total each featuring 84 million tokens at progressively higher prices.
The presale allocation represents 40% of the total supply of 2.1 billion BTCETF tokens. Another 25% has been set aside for staking rewards to promote network stability.
Novel Burning Mechanism
What makes BTCETF unique is its deflationary burning mechanism. This innovative protocol will burn 25% of the total BTCETF token supply when key ETF approval milestones are achieved.
The five burns will reduce the circulation from 2.1 billion down to 1.575 billion tokens. The final 5% burn depends on Bitcoin itself hitting $100,000, creating further scarcity.
There is also a 5% transaction tax on BTCETF trades. This will decrease 1% after each major ETF milestone, incentivizing longer-term holding strategies.
As each burning milestone occurs with SEC announcements or an ETF trading, BTCETF tokens will become more scarce. Holders are rewarded if they stick with the project for the long-term.
BTCETF additionally offers a staking mechanism with extremely high yields for early participants.
BTCETF is an ERC-20 token, so ETH-compatible wallets like MetaMask are required to purchase, stake, and store the asset. Payments are accepted in ETH, USDT, and by credit/debit cards directly through the BTCETF website.
BTCETF is advertising on all major crypto media sites, showing the team is serious about marketing efforts.
Major YouTube influencer Matthew Perry recently posted a video to his 200,000 subscribers about BTCETF, noting its appealing combination of mechanisms for speculating in the red-hot Bitcoin ETF space.
With possible SEC decisions on spot Bitcoin ETFs approaching in early 2024, the innovative BTCETF crypto offers a unique way to benefit from each milestone while accelerating towards a capped supply. As the presale races past $2 million, the future looks bright for this deflationary token aiming to leverage Bitcoin ETF hype.
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