Why Do Crypto Traders Care About Spot Market Bitcoin (BTC) Exchange-Traded Funds (ETFs)?

The demand for ETF news is clear enough — as Blockworks reported, the Binance BTC/USDT market, which accounts for 8% of bitcoin daily trading volume, saw a 7% candle roughly 30 minutes after an unsourced, unproven tweet about BlackRock’s approval was posted. Mind you, this is in an industry that was already embarrassed by fake news that in 2022 WalMart was going to accept litecoin (LTC), a project that hasn’t been relevant since the year it was created.