Has the bitcoin-ETF trend pushed BTC to $31,000? ㅤ BlackRoc | CRYPTO TREYSI

Has the bitcoin-ETF trend pushed BTC to $31,000?
ㅤ
BlackRock is the world's largest investment firm with ~$9 trillion under management. On June 16, it officially filed for a spot Bitcoin ETF through its iShares division.

What is it?
A Bitcoin ETF is a spot fund whose shares will actually buy BTC on the market. This should make crypto ownership much easier for institutional investors, including pension funds, insurance companies, investment funds, hedge funds, banks, corporations, etc. That's a lot of money.

Interestingly, BlackRock has filed 576 applications for various ETFs throughout history and the SEC has only rejected them once. BUT, there were more than 30 attempts by different companies to create a real spot exchange-traded fund for BTC, but the SEC crushed all the attempts, citing lack of investor protection. Perhaps history will repeat itself.

Fed Chairman Jerome Powell recently acknowledged that BTC seems to have resilience as an asset class.

And the SEC has not touched BTC in any of its high-profile lawsuits in recent weeks. The Commission doesn't seem to have a claim against the asset.

A new trend?
Right after BlackRock, two other giants, Invesco ($1.4 trillion under management) and WisdomTree, filed for a spot bitcoin-ETF Fidelity ($4.5 trillion under management) is also rumored to be preparing an application.

The potential approval of an ETF for BlackRock could give the price of BTC and the entire crypto market a decent nudge because of the attraction of new money from big investors. With an asset bag like BlackRock, there is a lot of opportunity to manipulate the market, and it's worth remembering that often the big guys don't think about the industry, but come to the market just to make money. To make money from competitors and from retail, i.e. from you and me. And it is not yet clear how this will turn out for the market in the future.

#news

CRYPTO TREYSI | Subscribe