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BitcoinBTC and cryptocurrency traders are on the edge of their seats as Wall Street giants quietly lay the ground work for the next bitcoin price bull run.
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The bitcoin price this week touched $30,000 per bitcoin for the first time since August as the ethereum, XRP and crypto market braces for a $15.6 trillion earthquake.
Now, after the bitcoin price was rocked by a viral, false report that a long-awaited bitcoin spot exchange-traded fund (ETF) had been approved by the U.S. Securities and Exchange Commission (SEC), crypto market watchers have predicted the long-awaited ETF will be approved this year and that it’s not yet priced in.
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“[A bitcoin spot ETF is] going to get approved, we think it happens this year in 2023,” Mike Novogratz crypto investor and chief executive of Galaxy Investment Partners told CNBC this week. “All the indications … seem to be heading in the right direction.”
Galaxy Investment Partners, in partnership with InvescoIVZ, has its own spot bitcoin ETF application lodged with the SEC, a decision on which was delayed along with the other filings in late September.
This week, BlackRockBLK, which kicked off the Wall Street bitcoin spot ETF race in June, amended its filing, something that Novogratz said highlighted “the dialogue with the SEC is all heading in the right direction.”
“It’s no longer talking about how [bitcoin] works or why it’s important. It’s just a recognized macro asset and that’s a huge psychological shift,” Novogratz said.
Coinbase’s chief legal officer, Paul Grewal, meanwhile told CNBC the bitcoin and crypto exchange is confident that a U.S. bitcoin spot ETF will be approved by the SEC.
“I’m quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law,” Grewal said. “We are quite excited that there are a number of developments we think that are just around the corner, or underway even as we speak, that will bring back investor and consumer interest in crypto.”
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Last week, a false, viral report shared on X (Twitter) that claimed the SEC had approved a bitcoin spot ETF spread like wild fire, briefly sending the bitcoin price sharply higher and boosting the price of other major cryptocurrencies including ethereum and XRP.
Crypto analysts pointed to the bitcoin price response as evidence an eventual bitcoin spot ETF is not yet “priced in” and could trigger a bull run.
“This event revealed a couple of key insights: (1) the ETF is clearly not priced in, as evidenced by the market’s reaction to the false headline,” Sean Farrell, head of digital asset strategy at Fundstrat in a note seen by Bloomberg. “And (2) the amount of capital flow needed to significantly move bitcoin in this market is relatively low, as demonstrated by the sharp price movement on relatively muted volumes and inflows.”
“What it does tell you is the market will head higher on any positive news,” Novogratz added.
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