Bitcoin: Ex-SEC chairman remains optimistic about spot ETF approval
Journalist
Posted:
- Former SEC Chairman Jay Clayton remained optimistic about an eventual spot Bitcoin ETF approval.
- Retail curiosity in Bitcoin reached an all-time excessive amidst waning whale curiosity.
Over the previous month, Bitcoin [BTC] has skilled appreciable volatility, leaving many merchants unsure about its future worth course. Regardless of that, Jay Clayton, the previous chairman of the U.S. Securities and Alternate Fee (SEC), remained optimistic {that a} spot Bitcoin exchange-traded fund (ETF) would in the end safe approval in america.
Learn Bitcoin’s [BTC] Value Prediction 2023-2024
Clayton underscored that Bitcoin was not a safety and highlighted the rising demand for entry to it, each from retail and institutional buyers. He asserted that the continuing division between futures-based and cash-based Bitcoin ETFs couldn’t persist indefinitely.
Is there hope for BTC sooner or later?
Whereas futures-based Bitcoin ETFs are already current within the U.S., the SEC has but to greenlight a spot Bitcoin ETF. A latest federal court docket ruling within the Grayscale vs. SEC case criticized the SEC’s rejection of spot Bitcoin ETFs as “arbitrary and capricious” on account of its inadequate justification for treating related merchandise otherwise.
Clayton acknowledged the potential for a brand new rejection based mostly on totally different grounds however remained unsure about what these grounds is perhaps.
The SEC has lately delayed choices on spot Bitcoin ETF proposals from firms akin to BlackRock, Constancy, and Invesco, pushing these determinations again to a minimum of mid-October.
Retail curiosity in Bitcoin soars to new highs
Retail buyers proceed to exhibit robust curiosity in Bitcoin, a pattern mirrored in Glassnode’s information. The variety of addresses holding 0.1 or extra Bitcoin has surged to an all-time excessive of 4,469,208.
Conversely, whale curiosity in Bitcoin has skilled a major decline. The variety of addresses holding 100 or extra Bitcoin has reached a three-month low of 15,972, per Glassnode.
Supply: glassnode
This discount in whale curiosity may have implications for Bitcoin’s worth dynamics sooner or later.
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Whales, with their substantial holdings, typically have the facility to affect the market considerably. A fall of their participation could result in higher worth stability, but in addition probably lead to decreased buying and selling volumes.
On the time of writing, Bitcoin is buying and selling at $25,937. Its worth continued to fluctuate amid the evolving regulatory panorama and market sentiment.
