Can Bitcoin Spot ETP be a Game Changer?

The U.S. Securities and Exchange Commission (SEC) officially approved applications for spot Bitcoin ETFs on the 10th, local time. The approved product offerings encompass those from global asset management titan BlackRock, alongside Franklin, Fidelity, Ark Invest, Grayscale, and VanEck, among others. The SEC officially utilized the term spot ETP (Exchange-traded product) instead of spot ETF. The primary rationale behind the global market's intense focus on the U.S. approval—despite the pre-existing listings of spot Bitcoin ETPs and ETFs on European and Australian stock exchanges—lies in the reality that the scale, systemic influence, and institutional symbolism of the U.S. stock market remain fundamentally peerless, with the United States commanding 51% of the aggregate global equity market capitalization ($96.4 trillion). On January 8, chaired by CEO Yong-beom Kim, Hashed Open Research conducted an in-depth assessment of the ripple effects that approval of a spot Bitcoin ETF would have on crypto and financial markets, together with capital market experts including NEOS co-founder Taeyong Lee, Wavebridge CEO John Oh, and Cumberland Korea CEO Joonkee Hong. By synthesizing the key issues discussed at the time, we aim to provide macro-level insights that market participants should pay attention to.