And Here is the Expected Week; ETF Decision!

This week will be one of the most anticipated weeks in cryptocurrency history; there is a good chance that a bitcoin ETF will finally be approved by the SEC. This week, the Securities and Exchange Commission, or SEC, is expected to approve or reject the Ark 21 Shares Bitcoin Trust. This expectation has caused bitcoin to gain 60% in the last three months.


The SEC is expected to approve multiple spot bitcoin ETF applications at the same time to equalize the competitive landscape. The 13 companies awaiting approval include BlackRock, Invesco, Fidelity, Grayscale, Ark, Bitwise and VanEck.
Economist and author Noelle Acheson notes that until a few months ago, most people thought it wouldn't happen, but now it's highly likely.
JPMorgan analyst Kenneth Worthington says the introduction of new assets into the cryptocurrency system with the launch of spot bitcoin ETFs will determine the sustainability of this rally.

The bullish scenario is based on regulated bitcoin ETFs bringing new institutional demand to bitcoin at a time when bitcoin supply will be reduced by the halving expected next spring.
Oppenheimer's Owen Lau notes that fund flows are an important signal for the market and there could be downward pressure on the bitcoin price if initial flows are weak.
Bitwise released a survey showing that only 39% of financial advisors expect an ETF to launch this year, but 88% believe its approval will be an important catalyst.
Tyrone Ross, CEO of Acheson and Onramp Invest, thinks the initial market reaction may be disappointing, but in the medium to long term the situation could become more interesting as financial advisors become more knowledgeable about the cryptocurrency class.
JPMorgan's Worthington notes that the rally initially started in anticipation of the launch of cryptocurrency spot ETFs and bitcoin spot ETFs in particular, and that continued high activity, volume and prices could support the rally.