Perhaps the most important news that was published yesterday

Perhaps the most important news that was published yesterday on Coin Telegraph was the news of the filing of an Ethereum spot ETF request on the US stock exchange by two companies, Ark Invest and 21Shares.

Now, friends, these ETF requests by investment companies in the US have been ongoing for several years and as far as I know, at least 8 important companies are currently in the queue for these requests. The SEC will either approve or defer their response based on a set of considerations within the 45-day period or the next timeframe allowed by law (the SEC must either reject or approve their response within 240 days).

Now, the ETF request for Bitcoin BlackRock is important for us, but why it is important can be partially understood by reading the replied post.

BlackRock, the world’s largest asset management company with over $9 trillion in assets, filed a spot ETF request for Bitcoin on the US stock exchange several months ago, identifying CoinBase as the data provider and BNY Melon as the cash provider for the spot market. However, the SEC has only accepted the request and has yet to respond, as it is still under review.

If BlackRock’s ETF is ultimately accepted, it means that a mega company with $9 trillion in capital will buy Bitcoin for the ETF spot fund on the US stock exchange. America, with a population of 340 million and holding 30% of global wealth, has 16% of its people investing in the crypto industry, and 11% of them own Bitcoin!!!

For me, it is quite clear that:

  • Regulatory support for funds is evident.
  • Investment and holding ease.
  • Tax relief and exemption for funds.
  • Basket diversity, which can include not only Bitcoin but also shares of giant companies such as Apple, Microsoft, Google, and so on.
    There are many reasons why an American individual or investment institution (many of whom are often concerned about direct Bitcoin purchases for legal reasons) can buy Bitcoin shares from BlackRock’s ETF fund with peace of mind.

Now, tell me in the comments if approved, can it be a motivator for the market to move towards an upward trend or not? In my opinion, SEC will eventually approve it, and this event might even happen in 2024, but ultimately, it will be approved and we will see a fundamental change in the Bitcoin chart trend.


thanks for sharing pal