Bitcoin ETF Approval May Be Just Around The Corner In The U.S.

Note: As we were in the process of publishing this piece, the news was released that the SEC has taken steps toward allowing Bitcoin ETFs in the U.S.

Have you noticed the recent surge in the bitcoin price? Here’s what is likely contributing to it:

The crypto prices went up as the SEC came close to an approval of the first US Bitcoin ETF.

On October 5th, the U.S. Securities and Exchange Commission (SEC) approved the closest thing to a Bitcoin ETF that’s possible without an actual Bitcoin ETF; an ETF that tracks stocks that have significant exposure to Bitcoin.

This started a rumor in crypto circles that the SEC may be willing to approve the creation of ACTUAL bitcoin ETFs if they use bitcoin futures contracts as collateral rather than spot bitcoin.

Bitcoin Futures

Since September, there has been a rather sudden rally in the number of bitcoin futures “open interest” contracts, and by October this increase had reached 72% in a six week period. A small number of commercial traders are fueling this demand. There is indication that they have a lot of capital, considering that each BTC futures contract is worth 5 Bitcoins, a U.S. dollar amount of nearly $300,000.

There seemed to be no reason why these investors would have that much money tied up in futures contracts if they weren’t expecting something big to happen before the contracts expired. This furthered the prospect that they expected a bitcoin ETF to be approved soon, before their contracts were set to expire.

As if this wasn’t enough to cause people to speculate that an announcement regarding Bitcoin ETFs would be made soon, the SEC then tweeted about investing in funds that hold bitcoin futures contracts. This further increased speculation that Bitcoin ETFs would be approved soon.

There Were Good Signs Bitcoin ETF Approval Would Come Soon

Finally, according to a Senior ETF Analyst at Bloomberg, there were “good signs” that the SEC would approve two bitcoin futures ETF applications, from Valkyrie and ARK Investment Management.

What The Bitcoin ETF Approval Would Mean For Crypto In The U.S.

Now that Bitcoin ETFs have been allowed in the U.S. by the SEC, the door has been opened for wider adoption of cryptocurrencies. This has opened crypto to a wider investor base. Furthermore, by allowing a Bitcoin ETF to trade, the SEC, the financial regulating body of the United States, has further legitimized the cryptocurrency space, which could lead investors who have been generally more skeptical to finally be open to the crypto market.

This is one more giant step on the path to mass adoption of cryptocurrencies.

As always, please reach out to us with questions, comments, and suggestions!

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