Citic Securities research report pointed out that the US Securities and Exchange Commission (SEC) approved the first batch of spot Bitcoin ETFs on January 11th Beijing time, including applications from companies such as BlackRock, Ark Investments and 21Shares, Fidelity, Invesco and VanEck. In terms of investment strategy, more liquidity is expected to bring short-term prosperity to cryptocurrencies in the first half of 2024. For cryptocurrency exchanges, the launch of Bitcoin ETFs will have a certain impact on their original trading commission income. For large exchanges, as the spot custodian of ETFs, it is expected that the lost trading commission will be compensated from custodian services and will benefit from the long-term appreciation of the trading currency.