EY Executive: Bitcoin Awaits ETF Approval to Trigger Buying Frenzy
Bitcoin is experiencing massive demand from institutional investors, with trillions of dollars waiting on the sidelines for a Bitcoin exchange-traded fund (ETF) approval, according to Paul Brody, EY's global blockchain leader. Brody believes that the lack of a spot BTC ETF approval from US regulators has created pent-up demand from institutions, who are unable to invest in Bitcoin without a regulatory-approved vehicle. Brody also noted that investors primarily view Bitcoin as an asset, while Ethereum is seen as a platform for business transactions and decentralized finance (DeFi) services.
US Regulators Yet to Approve a Single Spot Bitcoin ETF
Institutional investors and the crypto community are closely monitoring the regulatory process of the US Securities and Exchange Commission (SEC) regarding Bitcoin ETFs. Despite several companies, including Grayscale Investments, ARK Investment, BlackRock, and Fidelity, filing for Bitcoin ETF products, no spot Bitcoin ETF has been approved so far. Grayscale, which won an SEC lawsuit in August 2023 for a spot Bitcoin ETF review, has recently filed a registration statement with the SEC to list its Grayscale Bitcoin Trust on the New York Stock Exchange Arca. Bloomberg senior ETF analyst Eric Balchunas sees recent amendments made by ARK Invest and 21Shares to their spot Bitcoin ETF filings as a positive sign of progress and potential approvals.
Disclaimer: The information contained on this page is not financial advice. Readers should do their own research before investing in any cryptocurrencies or other assets. This article is for informational purposes only.
