After Bitcoin Spot ETF gets SEC approval, Bitcoin's impact has spread over the US market like winter fog.

Impact on Anti-Bitcoin Companies

     Some big asset management companies have blocked their clients from purchasing Bitcoin spot ETFs, for example Merrill Lynch (a unit of Bank of America), and Vanguard Group (a client-owned company), resulting in people moving their funds. Those companies might face pressure to change their anti-Bitcoin policy in case they lose customers.

Pressure on Coinbase

     Nine out of the eleven Bitcoin Spot ETF companies have Coinbase as their Bitcoin custodian. Coinbase achieved $52B BTC trading volume, and historic $7.7B Over-the-counter (OTC) trading volume. However, the BTC value did not see any effect of this high trading, so there is speculation that this could deplete the exchange's Bitcoin reserve.

The complex crypto world

     Binance is experiencing a greater ETF movement than custodian Coinbase. There is pressure on other exchanges as well to implement ETF marketing strategies. For instance, Kraken has begun highlighting the success of its firm, CF Benchmark, in connection with the approval of BTC Spot ETFs.