Bitcoin hits $37,000 for first time since May 2022 amid optimism over approval of spot BTC exchange-traded funds in the US.

This recent price surge has been attributed to the pending approval of 12 separate spot Bitcoin ETFs within the next week.

Analysts predict that there may be a lag time of a month or more before these highly-anticipated offerings actually launch, even if they are approved by the Securities and Exchange Commission (SEC).

Grayscale, the largest cryptocurrency asset manager in the US, is also reportedly engaging directly with the SEC to convert its Grayscale Bitcoin Trust to a spot Bitcoin ETF.

The US has yet to see a spot Bitcoin ETF approved, which would allow investors to gain indirect exposure to a financial product backed by BTC.

BTC briefly hit the $37,000 mark before retracting, with data from various market platforms showing the surge taking place at 8.09 am EST on Nov. 9.

The wider markets reflect optimism over the pending approval of ETFs, as it would open up more opportunities for institutional and retail investors to enter the market.