US Fund Managers update in their Bitcoin spot ETF applications

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The top Bitcoin spot ETF applicants updated their application with the US Securities regulatory body.

Bitcoin spot ETF is a financial product which allows big investors to invest in Bitcoin on behalf of the ETF issuer under a fully centralized & regulated environment. At present, nearly a dozen Bitcoin spot ETF applications are in the queue to get regulatory approval from the United States Securities and Exchange Commission (SEC). 

On 5 Dec 2023, Bloomberg cryptocurrency analyst James Seyffart reported that the US SEC agency continuously gave orders to the applicants to bring changes in their applications in the recent weeks.

In the latest, giant fund manager BlackRock updated its Bitcoin spot ETF application. 

Another fund manager Bitwise also submitted its updated Bitcoin spot ETF application with the SEC body.

Just a day ago, the Bloomberg ETF expert Eric Balchunas also shared his opinion on these developments linked with Bitcoin spot ETF applications.  And said that we can’t see the updated versions of these applications, as it is done in offline mode and we won’t see any other updated applications regarding such applications.

Eric confirmed that there are possibilities that all such applications will get the final approval between 8 to 10 Jan of the next year.

Bitcoin price action

The current trade price of Bitcoin (BTC) is $41,741 & this trade price is 2.53% higher over the last 24 hours. 

US Fund Managers update in their Bitcoin spot ETF applications 1

Nearly 4 hours ago the Bitcoin trade price surged 0.8% following this news, a sudden peak can be seen in the trade price graph.

Now it will be interesting to see Bitcoin’s next move amid these developments related to Bitcoin spot ETF applications. 

Recently some veteran crypto traders predicted that the trade price of Bitcoin will soon hit $45k if it remains stable for a few days at the current trade price.

Read also: Indian govt shows crypto regulatory efforts (Finance Ministry Update)