Bitcoin spot ETF is another reason that more people will have access, not directly but through bitcoin spot exchange traded fund.
I believe that we don't need that ETF approval much to push up the market value of Bitcoin as I always prefer that movements should be coming from retail investors and not from big financial firms that can be here just for profits. However, there is no question that an ETF can surely open up more avenues for the whole cryptocurrency industry as this can be a big vote of confidence and can signify that BTC has come of age. In summary, I have a 50-50 optimism for ETF though of course I would not mind much if Blackrock can use its influence for its approval if not this year then eventually.
It's possible. The price of Bitcoin has been relatively stable in recent months, and the SEC may be waiting for a clear trend to emerge before approving an ETF.
It could send the price of Bitcoin soaring. This is because an ETF would make it easier for institutional investors to invest in Bitcoin, which would increase demand and drive up the price. An ETF would provide a more liquid market for Bitcoin, which would make it easier for investors to buy and sell the cryptocurrency.
Or It's not possible. The SEC has been hesitant to approve any cryptocurrency ETFs, and it's possible that they will continue to reject applications until there is more regulation and oversight of the cryptocurrency market.
Only time will tell if the SEC will approve a Bitcoin ETF. But if they do, it could be a major catalyst for the cryptocurrency market.
Some Bitcoin ETFs are accepted in Canada and all ETFs that rejected in the United States.
SEC Likely to Approve Several Spot ETFs, Sparking Next Bitcoin Rally: Matrixport
https://finance.yahoo.com/news/sec-likely-approve-several-spot-124055427.html
The ETF providers would spend "considerable marketing expenses to draw in retail and institutional capital," Markus Thielen, head of research, wrote.
Matrixport noted that at its peak, the Grayscale Bitcoin Trust (GBTC) managed $43.5 billion in assets and generated annual management fees of $870 million.
The SEC will respond to Grayscale's GBTC lawsuit filing and ARK 21Shares bitcoin ETF refiling, next week. The regulator is expected to respond to seven other bitcoin ETF filings during the first week of September.
"A physical bitcoin ETF will likely carry a management fee of 0.7-1% which could still bring in $200m per annum for those ETF providers with marketing expenses front-loaded," the report said.
The note said that any SEC spot ETF approval could have a "material positive impact" on bitcoin's price, and investors should have enough "upside exposure" on any day that the regulator is scheduled to respond to the ETF applications.
If the SEC needs more time to assess the practicality of the surveillance-sharing agreements, then the bitcoin price may correct initially in mid-September, and this is the "dip to buy," the report added.
CoinDesk's parent company, Digital Currency Group, owns Grayscale.
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I think that those who understand cryptocurrency do not need an ETF)))