- A total of 11 BTC spot ETF filings were awaiting SEC approval at press time.
- BTC and BCH trended as the news of the most recent ETF filing hit.
Bitcoin [BTC] spot ETFs have garnered significant attention due to a growing number of institutions applying for this service. Although the SEC’s approval process has been moving slowly, the recent favorable ruling obtained by Grayscale could inspire more ETF applications, as evidenced by the emergence of a new participant in the market.
Read Bitcoin’s [BTC] Price Prediction 2023-24
Bitcoin sees a flurry of ETF filings
Recently, there has been a surge in filings for Bitcoin spot ETFs. BlackRock’s filing on 15 June triggered a wave of new submissions.
BlackRock sought approval for a spot Bitcoin ETF, with Coinbase as the crypto custodian and spot market data provider and BNY Mellon as the cash custodian. On 15 July, the SEC formally accepted BlackRock’s application for review.
Following BlackRock, WisdomTree, a New York-based asset manager, filed on 19 July. It’s worth noting that WisdomTree had previously filed for a spot Bitcoin ETF in the U.S. on 8 December 2021, but it was rejected by the SEC in 2022.
Similarly, asset management firm Valkyrie initially filed a spot Bitcoin ETF application in January 2021, which was rejected. However, they refiled their application on 21 June.
July witnessed a flurry of filings, with VanEck, Fidelity/Wise Origin, and Invesco Galaxy submitting their applications to the SEC. Ark Invest was among the earliest institutions to file for a Bitcoin ETF.
Additionally, Frank Templeton recently joined the BTC ETF race. This latest filing has generated considerable excitement in the market.
On 11 September, Franklin Templeton entered the competitive arena by filing for a Bitcoin spot ETF. This move made them the most recent traditional asset management company to enter this crowded space.
In their submission to the U.S. Securities and Exchange Commission (SEC), Franklin Templeton outlined their proposal for an ETF custodied by Coinbase, designed to be traded on the Cboe BZX Exchange, Inc. However, they have yet to put forth a specific ticker symbol for this product.
Bitcoin trends as news of another filing hits
The Templeton application generated a considerable buzz, as noted in a post by Santiment. This post, which tracked the social trends in cryptocurrencies, revealed that the excitement extended beyond just Bitcoin.
In addition to Bitcoin, Bitcoin Cash [BCH], a fork of Bitcoin, also garnered significant attention, surpassing BTC in its trending status. The historical trend data also indicated that BCH consistently trended alongside BTC whenever news related to ETF filings emerged.
? #FranklinTempleton has filed for a spot #Bitcoin #ETF, and there is an uptick in crowd optimism. $BTC and its best known fork, $BCH, are the top two trending assets in #crypto. #BitcoinCash, in particular, has benefited from previous ETF announcements. https://t.co/UeSwx9dO3k pic.twitter.com/6DMuPvPG5b
— Santiment (@santimentfeed) September 12, 2023
How BTC and BCH reacted to the news
The daily timeframe chart of Bitcoin Cash revealed a notable development on 12 September. The chart indicated that BCH experienced a substantial price surge, surging by more than 7% to reach a closing price of $198.5.
As of this writing, BCH continued to trade with a modest increase of over 1%, hovering around the $201 mark.
Source: TradingView
Furthermore, this price increase had a noticeable effect on its Relative Strength Index (RSI). As of this writing, the RSI had risen above the neutral line, indicating an uptrend in BCH’s price momentum.
On 12 September, Bitcoin also experienced an uptrend according to its daily timeframe chart, although the price increase was relatively modest compared to BCH. The chart indicated that BTC’s price gained over 2%, closing trading at slightly above $25,800.
How much are 1,10,100 BTCs worth today?
At press time, it was trading at approximately $26,000, reflecting a further increase of over 1%.
Source: TradingView
However, it’s important to note that unlike Bitcoin Cash, this uptrend did not pull Bitcoin out of its bearish trend. The RSI indicated it was still trending below the neutral line at press time, suggesting ongoing bearish sentiment in the market.
