Encryption service provider Matrixport said in a report on Thursday that the U.S. Securities and Exchange Commission (SEC) is likely to approve several bitcoin spot ETFs in a row, triggering the next rise in bitcoin. Next week, the SEC will respond to Grayscale’s GBTC filing and ARK 21Shares’ Bitcoin ETF resubmission. Regulators are expected to respond to seven other bitcoin ETF applications during the first week of September.
“Physical Bitcoin ETFs could charge a management fee of 0.7-1 percent, which could still generate $200 million in annual revenue for ETF providers who pay for marketing up front,” the report said. If the SEC needs more time to evaluate Monitor the utility of the sharing protocol, then the Bitcoin price may start to adjust in mid-September, which is "buying the dip".
