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The Bitcoin (BTC) ETF application news that catapulted the leading cryptocurrency above $30,000 again seems to struggle to keep the industry buoyant. Despite the influx of other institutions following BlackRock’s BTC ETF cascade, the news appears to lose its impact. Now, the entire market has focused on whether these will be approved and has begun to wait. An insider, however, made a very promising statement about BTC ETFs.
Hope for BTC ETF Approval
Jeremy Allaire, the CEO of Circle, the company behind the second-largest stablecoin by total market value, USDC, made a critical statement. Allaire pointed out that financial regulators’ past concerns have been addressed, and there are no longer reasons to reject BTC ETFs. Allaire expects the ETFs to be approved in this context.
I think there are developments towards a more mature market structure to support such a thing (BTC ETF). We have mature spot markets, a well-regulated custodial solutions infrastructure, and a nice market observation situation. Many of the past concerns have been addressed, and it has actually become more likely that such investment products will be offered to the general investor.
The US Securities and Exchange Commission (SEC) received BTC ETF applications from BlackRock and Invesco, among others. Many analysts believed that BTC ETF approval would come after developing market observation tools, and examples of this were seen. Financial regulators in Ontario, Canada, also wanted to see a more mature market before the BTC ETF approval and achieved it.
ProShares BTC ETF Attracting Investors
ProShares’ Bitcoin Strategy ETF, which covers futures contracts, is known to have raised over $65 million in capital in a year. This signals that investors’ interest in BTC-focused investment products continues to increase. There has not yet been an approval for a spot BTC ETF within the US, and its arrival could change a lot for the crypto sector and trigger a new bull run. In fact, due to this exact situation, the BTC ETF approval has become a big “taboo” in the market and is seen as the key to the new bull.
