The shoe has dropped! The U.S. SEC approves a spot ETF, and Bitcoin rises above $47,000.

After the US Securities and Exchange Commission (SEC) approved the Bitcoin Exchange Traded Fund (ETF) on Wednesday, Bitcoin rose to $47,000 per coin, up 2.44% intraday. Most other major cryptocurrencies also saw gains, with the second-largest token, Ethereum, rising by about 9%. Some see the approval of the ETF as a milestone in expanding the base of cryptocurrency investors. Bitcoin has already risen by 160% in the past 12 months, partly due to expectations of the ETF approval. Leo Mizuhara, founder of DeFi institutional asset management company Hashnote, said, "Most of the funds immediately entering the Bitcoin ETF will be reallocated from other Bitcoin exposures." "It will take time for new funds to flow into Bitcoin through the new ETF."