Spot Bitcoin ETF Excitement Hits Main Street, Google Search Indicates
Many market participants expect the SEC to greenlight the first U.S.-based spot bitcoin exchange-traded fund early next year.
Many market participants expect the SEC to greenlight the first U.S.-based spot bitcoin exchange-traded fund early next year.
The bitcoin options market has flipped bullish across different timeframes since Monday’s erroneous ETF report.
Also, there’s a growing consensus that SEC approval of a spot bitcoin ETF is surely in the cards.
Blockchain analytics firm CryptoQuant’s models predict that $155 billion will flow into the bitcoin market cap should the ETFs be approved.
One analyst believes SEC Chair Gary Gensler has little choice but to soon approve the long-awaited vehicle.
The narrowing of the discount likely represents increased likelihood that Grayscale will be able to convert its close-ended bitcoin trust into a spot-based exchange-traded fund.
The agency has hours left to seek an appeal of the court order to erase its rejection of Grayscale’s trust-to-ETF conversion application.
The uptick was initially led by spot market buyers, which squeezed out bearish derivative positions, one analyst said.