Bitcoin spot ETF approval expected to trigger another BTC price rally
- The final deadline for Bitcoin spot ETF approval by the SEC is fast approaching.
- Anticipation of the SEC's decision has influenced BTC price positively.
- Rejection of the VanEck ETF would be expected to trigger a drop in BTC price.
- Analysts expect Bitcoin price to continue upward climb as bullish bias in BTC futures market persists.
As the deadline for VanEck Bitcoin ETF approaches, experts believe this could be a watershed moment for BTC. The approval of ProShares Bitcoin Futures ETF triggered a rally in BTC price that pushed the asset to its next all-time high.
Traders await approval of Bitcoin spot ETF
The deadline for VanEck Bitcoin spot ETF is November 14. The SEC approved a Bitcoin futures ETF triggering a massive rally in BTC in October. The asset hit a new all-time high and continued its upward climb.
Interestingly, Bitwise Invest withdrew the Bitcoin Futures ETF application earlier today. The firm's spot filing awaits approval.
Matt Hougan, CIO of Bitwise Invest, recalls the filing of the first Bitcoin spot ETF.
1/ Today, @BitwiseInvest withdrew its application to list a bitcoin *futures* ETF. (Our spot filing remains.)
— Matt Hougan (@Matt_Hougan) November 10, 2021
Thought I’d share our thinking.
A thread...
Bitwise is bullish on a spot ETF approval since it is designed to track Bitcoin directly. Hougan states,
Ultimately, what many investors want is a spot Bitcoin ETF. We think that's possible. So Bitwise will continue to pursue that goal, and we will look for other ways to help investors get access to the incredible opportunities in crypto.
Chris Harmse, Managing Director of BVNK, recognizes that institutional investors have an appetite for regulated financial services in crypto.
There is a huge appetite out there among many audiences for regulated financial services rooted in the world of cryptocurrencies. For us, we're focused on delivering these to fast-growth businesses and financial service providers.
The Securities and Exchange Commission's decision is less than 100 hours away, and rejection or acceptance is likely to have an impact on BTC price. The asset recovered from a drop below $65,000 and resumed its price rally.
FXStreet analysts have evaluated the BTC price trend and noted that the asset presents the most bullish setup.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
