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In recent times, there have been many significant developments that have influenced the direction of the cryptocurrency market. The successive applications for Spot Bitcoin ETFs by major asset management companies like BlackRock have had a strong impact on the crypto ecosystem.
Although the SEC has previously rejected several applications for Spot Bitcoin ETFs and SEC Chairman Gensler has made negative assessments of Spot Bitcoin ETFs, these factors have created a lack of expectation among investors that a Spot Bitcoin ETF could be launched in the near future. However, with BlackRock’s ETF application, these expectations have largely reversed.
Another ETF Application Under Review
The successive applications for Spot Bitcoin ETFs by major asset management companies like BlackRock and WisdomTree have shaped market expectations that ETF applications could be approved. However, after the SEC deemed the applications for Spot Bitcoin ETFs insufficient, BlackRock quickly made an update to its application and resubmitted it for a Spot Bitcoin ETF. Subsequently, BlackRock’s application was accepted for review by the SEC.
Following BlackRock’s Spot Bitcoin ETF application, another Spot Bitcoin ETF was also put under review. The U.S. Securities and Exchange Commission (SEC) has accepted the application of Valkyrie Bitcoin Fund, which is also a Spot Bitcoin ETF, for review. Thus, after BlackRock’s Spot Bitcoin ETF, Valkyrie’s Spot Bitcoin ETF has also come under scrutiny by the SEC. Now, all eyes are on the SEC’s decision regarding the ETF applications.
