Bloomberg’s senior ETF analyst Eric Balchunas noted that spot Bitcoin 
$78,680 ETFs have overshadowed gold this year. Balchunas revealed that these funds have attracted $21 billion in investment since January. He suggested that the market performance of gold could improve if SEC Chairman Gary Gensler approves these ETFs.
Rapid Growth of Bitcoin ETFs in the Market
Bitcoin ETFs are rapidly growing, capturing remarkable attention in the market. Competing with gold, these new funds are among the fastest-growing in the United States and other countries. In Australia, crypto ETFs rose to second place among the best-performing funds in 2023.
Other Crypto ETFs are on the Way
Cryptocurrencies other than Bitcoin also aim to attract investor interest through ETF applications. A few months ago, VanEck filed for an ETF for Solana 
$84 (SOL). Meanwhile, Bitwise submitted an ETF application for XRP at the beginning of October. Ripple 
$1 CEO Brad Garlinghouse emphasized that these applications are ‘inevitable,’ despite the ongoing case with the SEC. However, some legal experts believe the chances of approval under Gensler’s leadership are low.
Potential Impact of Trump on the SEC
Former President Donald Trump’s promise to remove Gensler has stirred excitement in the crypto community. Balchunas pointed out that if Trump were to be re-elected, a more libertarian SEC chairman might be appointed, potentially benefiting crypto markets. Balchunas stated, “If Trump returns to the White House, he would definitely appoint a more libertarian SEC chairman,” suggesting that Trump’s victory could mark a new era for the crypto sector.
Balchunas characterized crypto ETF applications as a sort of “bet” on Trump’s victory. He emphasized that these applications reflect expectations of potential changes under Trump at the SEC. Given that crypto markets are directly affected by regulatory changes, investors are closely monitoring these possibilities.
Crypto ETFs Increased Gold’s Market Share
Spot Bitcoin ETFs have directly impacted gold’s market share. Other cryptocurrency ETF applications offer important indicators for future market activity. The potential effects of a Trump administration on the SEC are being closely watched by crypto investors due to expected regulatory changes.
