With the $45,000 milestone almost reached as the year comes to an end, investors are all over Bitcoin right now.
But Bitcoin’s bull runs are good for the rest of the industry as well – particularly for some of its cousin tokens and BTC-inspired coins.
And there’s one BTC-inspired token that’s been trending lately – Bitcoin ETF ($BTCETF).
This exciting new cryptocurrency has already amassed $2.5M in its presale in less than three weeks, and many crypto influencers are calling it the next “millionaire coin”.
Let’s check out the details.
Bitcoin Honours the “November Profit” Tradition and Succeeds $39,000 – But It’s “Cousin” Will End Up Bringing More Profits
November has traditionally proven to be a good month for Bitcoin investors – and this one hasn’t been any different.
With almost $45,000 reached, Bitcoin investors are all over the world’s most popular cryptocurrency and forecasting how far it can go by the beginning of 2024.
This upward trend is attributed to the optimistic stance of traders towards Bitcoin, resulting in its most impressive November performance since 2020. The recent settlement involving Binance has also been a factor in this market movement.
Adding to the momentum is the widespread anticipation among market participants that a Bitcoin exchange-traded fund (ETF) may soon receive approval.
This development is expected to attract substantial cash inflows into Bitcoin, consequently driving up prices throughout the cryptocurrency market.
Taking a closer look at the dynamics, the positive sentiment among traders has played a pivotal role in fueling this rally. Investors have been digesting the implications of the Binance settlement, and this has contributed to the overall bullish outlook. The belief that the approval of a spot BTC ETF is imminent has further fueled market enthusiasm.
But there’s another coin that can benefit even more amidst the ETF approval – Bitcoin ETF ($BTCETF).
Below, we will check out why this is the case.
Bitcoin ETF’s Deflationary Mechanism Rewards Long-Term Investors and Those Who Want Indirect Participation in the Approval Process
The design of the BTCETF Token is intricately linked to crucial milestones in the Bitcoin ETF approval process.
As each milestone is achieved, whether it’s the announcement of an ETF approval date or the commencement of trading for the first ETF, a percentage of BTCETF’s total supply is slated for burning.
Over time, the development team intends to burn 25% of the overall token supply, diminishing it from 2.1 billion BTCETF to 1.57 billion BTCETF.
This deflationary mechanism serves a dual purpose – enhancing scarcity and fostering an incentive structure that encourages long-term holding of the token.
Notably, the deflationary strategy is poised to create a scenario where scarcity becomes a driving force behind the token’s value.
By systematically reducing the available supply, the project aims to establish a foundation for sustained value appreciation, offering a distinctive characteristic for potential investors to consider.
Furthermore, the BTCETF project introduces a staking feature that incorporates dynamic rewards based on the duration for which token holders decide to lock up their assets.
According to the project’s whitepaper, a quarter of the total supply is earmarked for staking, a move that not only aligns with market trends but also bolsters network security and stability.
As of now, the staking rewards are set at an impressive over 1,000%, providing a compelling incentive for token holders.
Bitcoin ETF Highlights Liquidity and Tax Reduction for Transactions as One of Its Biggest Priorities – Investor Sentiment At an All-Time High
Following the conclusion of BTCETF’s presale, the creators have outlined plans to democratize access by launching the tokens on decentralized exchanges (DEXs).
In a bid to boost liquidity, 10% of the total BTCETF supply will be allocated for this purpose, accompanied by the initiation of a token-burning mechanism through a sell tax.
At the outset, every transaction involving BTCETF will be subject to a 5% tax, leading to the destruction of 5% of the transacted tokens.
This sell tax, however, carries a unique feature – a reduction of 1% with each attainment of a real-world milestone, such as the approval of the first BTC ETF.
The progressive reduction in the transaction tax is designed to culminate in a 0% tax rate once all milestones are reached.
This strategic approach aims to reward buyers who stay committed to the project throughout its key events, creating a symbiotic relationship between project milestones and investor rewards.
This diminishing tax structure works in tandem with the previously mentioned deflationary token burn approach, creating a nuanced ecosystem that prioritizes the long-term benefit of BTCETF holders.
The intentional alignment of these mechanisms is indicative of a thoughtful strategy aimed at providing sustained value and incentives for those engaged with the project.
The Bottom Line
Currently, the Bitcoin ETF Token presale is underway and presents an exclusive opportunity for early supporters to secure tokens before the potential surge following the first Bitcoin ETF approvals.
And seeing that more than $2.5M have been raised in less than three weeks, it’s possible for the presale to end earlier than anticipated.
That means that those who capture the current low price will profit the most if the 100x predictions come true.
If you want to be a part of that club, now is the perfect time to get in early and secure your batch of $BTCETF!