When can Bitcoin spot ETFs be recognized by the market as the initiator of BTC's rise? Applications submitted by multiple traditional financial institutions (BlackRock, Fidelity, Franklin Templeton Fund.
When can Bitcoin spot ETFs be recognized by the market as the initiator of BTC's rise? Applications submitted by multiple traditional financial institutions (BlackRock, Fidelity, Franklin Templeton Fund...) are awaiting approval from the US Securities and Exchange Commission (SEC).
It is worth noting that Steven Schoenfield, former BlackRock Managing Director and current CEO of MarketVectorIndexes, stated at the CCData Digital Asset Summit in London yesterday (4) that it is expected that the SEC will need three to six months to approve Bitcoin spot ETFs.
Former General Manager of BlackRock: The approval of spot ETFs is basically a foregone conclusion
During the conversation, Schoenfield and another former BlackRock director and current CEO of asset management company Jacobi, Martin Bednall, both judged that the approval of spot Bitcoin ETFs by the United States was basically a foregone conclusion.
However, multiple traditional financial institutions submitting applications for Bitcoin spot ETFs indicate that their interest in Bitcoin is increasing. If the SEC approves these applications, it may attract more institutional investors to enter the Bitcoin market, which may have a positive impact on the price of Bitcoin.
Additionally, Steven Schoenfield's predictions may have some reference value. He believes that the SEC needs three to six months to approve Bitcoin spot ETFs. If his prediction is accurate, it may have some impact on the Bitcoin market in the coming months.
The following factors also affect the bull market
The halving cycle of Bitcoin is one of the important driving forces for its price increase. Halving it will lead to a decrease in the supply of Bitcoin, thereby increasing its scarcity and triggering a price increase. The next halving of Bitcoin is expected to occur in 2024, so this may become an important factor in the arrival of a bull market.
Participation of institutional investors: In recent years, more and more institutional investors have begun to enter the cryptocurrency market, including banks, insurance companies, pension funds, etc. As institutional investors' participation deepens, they may further drive the rise of the cryptocurrency market.
Global economic environment: The performance of the cryptocurrency market is closely related to the global economic environment. If the global economy performs well, investors may be more willing to invest in high-risk assets, thereby driving the rise of the cryptocurrency market. On the contrary, if the global economy performs poorly, investors may become more cautious, thereby suppressing the rise of the cryptocurrency market.
Regulatory policies: The regulatory policies of governments in various countries on the cryptocurrency market can also affect market performance. If the government adopts more relaxed policies, it may attract more investors to enter the market, thereby driving the market up. On the contrary, if the government adopts stricter policies, it may suppress the market's rise.
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