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The crypto world has been abuzz with anticipation and speculation surrounding the potential approval of Bitcoin Exchange-Traded Funds (ETFs) by the US Securities and Exchange Commission (SEC).
Recent developments have only added fuel to this fervor. Giants like BlackRock, VanEck, and Invesco Galaxy, among others, filed applications for spot Bitcoin ETFs, resulting in an 8% surge in Bitcoin’s value since mid-June. On the other hand, Ethereum experienced a 7.5% dip in the same period.
The SEC’s previous rejections of similar applications centered around concerns about market stability and investor safeguarding. However, they did give the nod to Bitcoin futures ETFs, offering exposure to futures contracts rather than the underlying asset. The ProShares’ Bitcoin Strategy ETF, which debuted on the New York Stock Exchange in October 2021, was a significant milestone.
Now, all eyes are on Grayscale Investments, as the SEC’s recent decision not to appeal a court ruling in favor of the company could pave the way for a spot Bitcoin ETF. This development not only holds the potential for enhanced investor access but also signifies a significant stride in integrating cryptocurrency into traditional financial avenues.
James Seyffart, a prominent Bloomberg stock analyst, suggests that discussions between Grayscale and the SEC are poised to commence within the next fortnight. Grayscale’s commitment to potentially converting the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund further underscores the momentum building in this arena. The progress in the Grayscale case injects much-needed transparency into the ETF approval process, which has been shrouded in uncertainty.
Recent data from CoinShares indicates a noteworthy uptick in investments in crypto funds. Over the past three weeks, investments in Bitcoin have surged by $16…
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