What’s happening with Bitcoin ETFs, and will the SEC approve them?
On October 16, the crypto community’s hopes briefly surged upon hearing the news of a Bitcoin ETF approval, only to be dashed when BlackRock denied the information. Since BlackRock, VanEck, Invesco Galaxy, ARK 21Shares, and other financial industry giants filed applications to create spot Bitcoin ETFs in mid-June, the asset has risen in price by 8%. Over the same period, the second largest cryptocurrency by capitalization, Ethereum (ETH), lost 7.5% in price. You might also like: Whale bought $5.7b in BTC futures amid Bitcoin ETF fake news Previously, the SEC has repeatedly rejected applications from other issuers to create such products, citing problems with the crypto market and a lack of investor protection. At the same time, the SEC gave the green light to Bitcoin futures exchange-traded funds, which offer investors access to futures contracts rather than the asset itself. The first was ProShares’ Bitcoin Strategy ETF, which became available to investors on the New York