Crypto Industry on the Edge of its Seat, Awaits SEC’s Green Light for Bitcoin ETF

"Major Financial Giants Eye Irish Market Entry Pending SEC Approval, Predicting Strong Institutional Interest"

Financial giants such as BlackRock and Fidelity are poised to enter the cryptocurrency market once the U.S. Securities and Exchange Commission (SEC) gives its approval. Wealth advisors from Summit Wealth Partners, who manage assets exceeding $550 million, anticipate strong institutional interest following the SEC’s endorsement. The proposed exchange-traded funds (ETFs) are expected to provide a more cost-effective way for investors to directly invest in Bitcoin compared to existing futures options.

Galaxy Digital, a leading crypto bank, recently organized a meeting with approximately 300 investment professionals to discuss the expansion of Bitcoin investments. While specific details from the meeting have not been made public, there is reportedly a growing interest from various investor groups. Galaxy Digital projects that the potential market for a new U.S.-based Bitcoin ETF could reach $14 trillion in its first year, with potential inflows of up to $39 billion by its third year.

However, analysts at Galaxy Digital caution that these projections could be influenced by unpredictable market performance and other factors. BitGo CEO Mike Belshe emphasized that the SEC’s hesitancy to approve crypto-based investment products, such as Bitcoin ETFs, is partly due to unresolved issues within the market structure. Despite these challenges, Bloomberg experts anticipate a high likelihood of batch approvals for all applications in January.

In other news, Banco Santander has launched Bitcoin and Ethereum trading services in Switzerland. This move demonstrates the growing acceptance and adoption of cryptocurrencies by traditional financial institutions. Meanwhile, Bitcoin’s price has experienced an increase, reaching $37,168.96, accompanied by a significant rise in trading volume.

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Martin Reid

Martin Reid

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