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Constancy, one of many largest asset managers on this planet, is reportedly making ready to submit its submitting for a spot Bitcoin (BTC) exchange-traded fund (ETF).
In accordance to an nameless supply cited by The Block, the submitting may very well be submitted as early as Tuesday. This transfer would put Constancy within the rising race to launch a spot Bitcoin ETF, which was triggered by BlackRock’s submitting earlier this month.
Bitcoin ETF Race Heats Up Amidst Rising Institutional Curiosity
Constancy’s curiosity in a spot BTC ETF shouldn’t be new. The corporate filed for the same product, the Sensible Origin Bitcoin Belief, in 2021, however it was denied by the USA Securities and Alternate Fee (SEC) in early 2022.
The SEC has been hesitant to approve BTC ETFs prior to now, citing issues about market manipulation and lack of regulation within the cryptocurrency market.
Nevertheless, the current surge in curiosity from giant asset managers like Constancy and BlackRock means that the demand for such a product is rising, and will doubtlessly result in a shift within the SEC’s stance. Different asset managers, together with Invesco, WisdomTree, and Bitwise, have additionally filed for spot bitcoin ETFs in current weeks.
If accepted, a spot BTC ETF would enable buyers to achieve publicity to Bitcoin with out having to buy the cryptocurrency immediately. As a substitute, they’d have the ability to purchase and promote shares of the ETF on a regulated change just like the New York Inventory Alternate.
For now, it stays to be seen whether or not the SEC will approve any of the pending filings for spot bitcoin ETFs, however the rising curiosity from giant asset managers means that the demand for such a product is simply growing.
On the time of writing, Bitcoin, the biggest cryptocurrency out there, is buying and selling at $30,800 and has recorded a achieve of 1.3% over the previous 24 hours. It’s unsure whether or not Bitcoin will have the ability to break by means of its nearest resistance degree at $31,500, or if it can enter one other extended interval of consolidation earlier than making a big transfer in both route.
Featured picture from Unsplash, chart from TradingView.com
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