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Institutional interest is rising after a wave of applications for spot Bitcoin exchange-traded fund (ETF) startups from leading Wall Street firms.
As of July 7, the amount of BTC held by the funds has increased significantly since BlackRock filed its first spot Bitcoin ETF on June 15.
Seyffart; He stated that there are eight pending spot Bitcoin ETF applications.
The growing interest of traditional financial institutions towards Bitcoin has increased the amount of Bitcoin in the funds and the peak in February 2023 has been exceeded.
Institutional interest in cryptocurrencies among traditional financial institutions is increasing after a wave of applications from leading Wall Street firms to launch spot Bitcoin exchange-traded funds (ETFs).
This development demonstrates the increasing acceptance of cryptocurrencies in traditional financial institutions and brings with it the potential to lead to wider adoption of Bitcoin and give greater legitimacy to the crypto market.
As of July 7, the amount of BTC held by the funds has increased significantly since BlackRock filed its first spot Bitcoin ETF application on June 15, according to data from the ByteTree financial research platform.
Notably, Bitcoin fund investments soared by nearly 2.5% from the 3-month low of around 830,000 a day before BlackRock announced its application on June 14, to almost 850,000 BTC.
The recent surge has pushed the amount of BTC held by the funds to the highest level in the last 6 months, surpassing the previous peak of over 846,000 in February 2023.
Regarding the potential impact of the Spot Bitcoin ETF, Bloomberg Intelligence analyst James Seyffart noted that if such a product is approved, it “could be one of the biggest launches in history.” Voicing these comments on July 5, Seyffart said he believes an approved BTC ETF could mobilize investors to redistribute billions of dollars worth of leading cryptocurrencies from Grayscale Investments' Bitcoin Trust (GBTC), Canadian Bitcoin ETFs and other funds.
Seyffart; Wisdomtree stated that there are eight pending spot Bitcoin ETF applications launched by well-known traditional financial institutions such as Invesco, VanEck and Valkyrie.
Last week, the United States Securities and Exchange Commission (SEC) stated that recent Bitcoin ETF filings were “inadequate” and not clear and comprehensive enough. BlackRock, the world's largest asset manager, quickly responded to the SEC's statements and resubmitted its application to the regulator, including additional details.
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