bitcoin has seen a 150% increase in value over the year, reaching more than $42,000 early Monday morning. This explosive growth comes amid growing anticipation surrounding the possible launch of a bitcoin spot exchange-traded fund (ETF) in the United States.
The main factor contributing to bitcoin's recent surge, aside from the approaching halving event among other bullish developments, appears to be growing speculation surrounding the approval of a bitcoin spot ETF by authorities. regulators of the United States. Such an ETF, if approved, would allow traditional investors to gain exposure to spot bitcoin, which could boost the price of the asset.
“Money will flood into the industry with a bitcoin ETF, it's just easy to buy,” Tom Farley, former president of the New York Stock Exchange, said on CNBC a couple of weeks ago. “People believe in bitcoin. bitcoin is a great invention. It's a store of value.”
Market analysts have been repeatedly saying that the introduction of an ETF would attract a new influx of institutional investments, further strengthening bitcoin's position as a leading asset class.
Last Thursday, the founder of the $250 billion asset manager, Ric Edelman saying Financial advisors are waiting for spot bitcoin ETFs to be approved before offering their clients exposure to btc.
Last Friday, grayscale fixed“We believe regulatory approval of a spot bitcoin ETF in the US is a question of 'when', not 'if'.” The next day, Bloomberg ETF analyst James Seyffart noted that the next window for potential ETF approvals is now January 5-10, 2024. “This actually means that any potential approval order will arrive on Monday, January 8, Tuesday, January 9, or Wednesday, January 10,” he explained. “Mark your calendars, people.
