Recently, BlackRock filed a Bitcoin ETF proceeding with the SEC. The approach is only in its infancy, but already seems to mark a major change for bitcoin.
BlackRock’s ETF demand key to bitcoin’s institutional adoption?
BlackRock’s filing of a Bitcoin ETF application is certainly one of the major crypto developments of recent weeks. Its positive consequences on the price of bitcoin are still perceptible today.
Some believe that the flagship crypto is now in a sustained bull cycle thanks to this demand. This is the case of Matt Hougan, the boss of the digital asset management company Bitwise Asset Management.
This expert is not the only one to be optimistic about the positive impact of this approach for bitcoin. Ark Invest, the asset management company founded by Cathie Wood, is also looking to the future of bitcoin with great optimism. Particularly when it comes to institutional adoption of bitcoin.
For Ark Invest, the demand for Bitcoin ETFs is not only driving a change in perception among institutional investors. Above all, it indicates a significant shift in âinstitutional acceptance of bitcoinâ.
âBlackRock’s decision to file for a Bitcoin ETF signals that large institutional players are positive about the digital asset’s long-term prospectsâsaid Yassine Elmandjra, analyst at Ark Invest, in a note published Monday, June 26.
Still in the same note, the expert specifies: âWhile it closely resembles previous ETF filings, BlackRock has worked with Nasdaq to distinguish its application with a unique oversight sharing agreement designed to prevent the risk of bitcoin-related market manipulationâ.
This collaboration of BlackRock with the Nasdaq, would it be one of the elements that will attract the favors of the SEC in relation to this approach? We cannot tell. What we want to say beyond a shadow of a doubt is that bitcoin has risen 15.3% since the start of this procedure. This, by capitalizing alone $188 million of investment. The asset is currently trading around $30,370.
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