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US politicians buy up crypto amid Bitcoin ETF approval

US politicians buy up crypto amid Bitcoin ETF approval

Historically, the focus of many US congressmen and representatives has mainly been on traditional assets like stocks and bonds

Over the years, this trend has sparked controversy, with allegations of insider trading hovering over some politicians who seem to have profited remarkably in the stock market

However, a shift in attention may be underway. In a noteworthy development, a prominent US representative recently made a substantial cryptocurrency investment, marking a departure from the conventional financial landscape. 

The purchase came just days before the US Securities and Exchange Commission’s (SEC) official approval of the inaugural US-based spot Bitcoin exchange-traded fund (ETF), a move that could turn into a major catalyst for crypto prices in the coming months.

The investment

Though it was a Bitcoin (BTC) spot ETF that was approved by the SEC, US representative Michael Collins disclosed a $65,000 investment in Ethereum (ETH), as revealed by an X account that tracks politicians’ trades. 

The filings show that Collins bought the world’s second-biggest cryptocurrency two times this month – on January 3 and January 8. The SEC approved the spot Bitcoin ETFs on January 10. 

Michael Collins’s purchases in Ethereum in January. Source: Nancy Pelosi Stock Tracker X account

However, according to Unusual Whales, these are not Collins’s first investments in ETH. Notably, the representative first bought the altcoin three times in 2023, on October 9, November 5, and December 28. Therefore, the total amount he injected into the cryptocurrency is $75,000, the account noted.

Ethereum is up 59% since his first purchase. More than 16% of those gains came in the past week, propelling ETH above the $2,600 mark. 

Is spot Ethereum ETF next?

While some may ask why Collins hasn’t bought Bitcoin given that it’s a spot BTC ETF that was approved, his bet on Ethereum may well be a strategic move.

According to Bloomberg ETF analyst Eric Balchunas, the SEC’s authorization of 11 spot Bitcoin ETFs on January 10 has cleared the path for spot Ethereum ETFs to be approved this year. 

The analyst predicts a 70% likelihood of spot Ether ETF approval by May, aligning with the SEC’s pending decisions on various applications. He argued that it’s unlikely for spot Bitcoin ETFs to receive approval while spot Ether ETFs do not, emphasizing the close correlation between Ether and Bitcoin spot prices.

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