Yesterday saw a slight increase for Bitcoin, trading at $25,798, registering a near 0.50% uptick. The world of finance waits in breathless anticipation as the established legal firm, Davis Polk, wholeheartedly pushes for the SEC’s approval of the Bitcoin spot ETF. This zeal is grounded in a philosophy of maximizing resource usage. There is an emerging consensus that the cryptographic market considerably underestimates the bullish prospects of spot Bitcoin ETFs. A recent report underscores Bitcoin’s significant impact, showcasing six rich traders who primarily developed their vast fortunes through Bitcoin investments.
The Grayscale Investment, represented by its legal representative, Davis Polk, is pressuring the US Securities and Exchange Commission (SEC) to grant the transformation of Grayscale’s Bitcoin Trust (GBTC) into an Exchange-Traded Product (ETP). This urging comes in the wake of an August 29 legal triumph, post the initial rejection of Grayscale’s proposal by the SEC. Michael Sonnenshein, the CEO of Grayscale, has shared this development, emphasizing that the Trust is ready to function as an ETP if the SEC gives the green light.
The escalating price of BTC/USD today draws attention towards Grayscale’s relentless endeavors to afford investors access to Bitcoin via a spot ETF. If the conversion to an ETP is successful, it could unlock a fresh avenue for investors to put their money in Bitcoin. This could influence the accessibility and fluidity of the crypto market significantly.
K33, previously known as Arcane Research – a crypto research firm, believes that the crypto market fails to grasp the potential bullish implications of a spot Bitcoin ETF approval. In a recent report, they suggest that recent advancements have considerably boosted the probability of a spot Bitcoin ETF being approved. But Bitcoin’s prices or those of other vital cryptocurrencies have yet to mirror this sentiment.
If the SEC approves a spot ETF, K33’s experts project a surge in capital inflows and a rise in Bitcoin buying pressure. Moreover, they consider the downside risk of rejection to be negligible. With some analysists predicting a 75% possibility of ETFs getting approved this year, K33’s experts argue that the market’s perspective of ETFs is fundamentally flawed.
Simultaneously, there is a surge in Bitcoin interest among high-net-worth individuals. The “Crypto Wealth Report,” published on September 5 by Henley & Partners, a London-based investment migration consultancy firm, reveals abundant crypto millionaires worldwide, primarily Bitcoin holders. Therefore, the recent surge in BTC/USD prices may further ignite this interest in Bitcoin as an investment, potentially increasing its prominence in the financial landscape.
Rounding out this overview, Bitcoin is currently grappling to rally beyond the $26,200 limit. Although there have been efforts to recover from $25,350, the digital currency has failed to cross this crucial threshold yet, suggesting bearish momentum.
Source: Cryptonews
