How will the adoption of a spot ETF affect the price of Bitcoin?
Without a doubt, a significant portion of the crypto community is awaiting approval of the first spot Bitcoin ETF in the United States - the SEC has been inundated with registration applications from major investment firms, and the number of related searches on Google is breaking records.
Cointelegraph’s fake message about the “green light” for the launch of a new product noticeably revived the market, pushing the price of digital gold to the psychological level of $30,000. The CEO of the company that submitted the application explained this market reaction as “unsatisfied demand for digital assets.”
Many people probably have questions about what is so special about this ETF and how the launch of exchange-traded funds will affect the price of digital gold.
BlackRock found out the significance of the new product for the cryptocurrency market and collected the most interesting expert forecasts.
Analysts predict a strong influx of funds into the spot Bitcoin ETF, subject to the approval of the financial instrument by the SEC, as well as a significant increase in the price of Bitcoin.
Some are convinced that the US regulator will give the green light to all applications to launch a new product in order to avoid a first mover advantage for any one company.
BlackRock Managing Director Steven Schonfield suggested that the SEC will register the first spot Bitcoin ETF within three to six months. However, QCP Capital experts doubt the regulator’s readiness to approve an application for new financial instruments before the end of the year.
