Bitwise's Spot Bitcoin ETF Inches Closer to Reality as it Lands on Nasdaq's DTCC

• Bitwise’s spot Bitcoin ETF, BITB, is now listed on DTCC, raising hopes for SEC approval and joining major players like BlackRock and Fidelity.
• Despite DTCC listing not guaranteeing approval, experts predict a bullish market, with Bitwise anticipating a new Bitcoin all-time high.

Bitwise Asset Management’s spot Bitcoin exchange-traded fund (ETF) has recently appeared on the Depository Trust & Clearing Corporation (DTCC) active and pre-launch list. The ETF is one of several funds, including those from BlackRock and Fidelity, generating positive sentiment for a potential U.S. Securities and Exchange Commission (SEC) approval.

The DTCC website listing Bitwise’s spot Bitcoin ETF is an important step forward in pursuing regulatory approval in the US. The DTCC listing includes ious spot Bitcoin ETFs, encouraging the cryptocurrency sector. Prominent players such as Fidelity and BlackRock, whose exchange-traded funds are also included in the list, suggest that institutional investors are becoming more interested in actively participating in Bitcoin.

Bitwise’s Resilience: Re-Application and Institutional Support

Bitwise’s June 16 re-application for a spot Bitcoin ETF demonstrates their proactive approach. This action comes after the SEC denied the company’s first petition a year earlier due to worries regarding cooperative oversight and investor protection. The resubmitted application is consistent with BlackRock’s filing, indicating key stakeholders’ shared resolve to work through the regulatory process and launch a spot ETF

BlackRock’s entry into the space as the world’s largest asset management company underscores the growing willingness of institutional investors to engage with cryptocurrencies.

SEC Approval Anticipation and Market Impact

The DTCC list now includes multiple spot Bitcoin ETFs, which has stoked rumors of an impending SEC clearance. Though regulatory approval differs from listing, positive talks with the SEC continue. Chief Investment Officer of Bitwise Asset Management Matt Hougan predicts that as investors look to protect themselves from inflation, Bitcoin prices may rise

The market’s reaction to the expected approval of a Bitcoin ETF has already set off a bullish trend. With a 4% increase in the last day, Bitcoin is now trading at $42,837.41, and positive mood points to $50,000 amid the expected Santa Claus rally.

Market Predictions and Cautionary Notes

Matrixport’s market analysts anticipate a positive rally, with Bitcoin expected to hit $45,000 by year’s end and maybe reach $60,000 before the next halving. Bitwise goes one step further and predicts that if spot Bitcoin ETFs are a success, Bitcoin will reach a new all-time high of almost $80,000 in 2024.

Despite these hopeful projections, it is advisable to exercise prudence. Due to the unpredictable nature of cryptocurrency markets, traders should maintain vigilance in the face of unforeseen circumstances.

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