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FameEX Hot Topics | Prominent Asset Managers Set to Procure BTC in Anticipation of Spot Bitcoin ETF Launches, Disclosed Moody's Director
2023-12-06 16:30:30
Amidst the recent surge in Bitcoin's value, Yiannis Giokas, a senior director at Moody's Analytics, has shed light on the key driving force behind this remarkable phenomenon. He points to the imminent approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) as the primary catalyst fueling the bullish sentiment in the cryptocurrency market. Moody's Analytics, a subsidiary of Moody's Corp., specializes in non-rating activities and closely monitors these significant developments.
Giokas shared insights with Bitcoin News, stating, "The biggest driver behind the surge in Bitcoin price is likely the number of applications for spot BTC ETFs, which are expected to be approved by the SEC in January." He emphasized the competitive race unfolding within the industry, with prominent asset managers gearing up to acquire the underlying Bitcoin assets necessary to offer ETFs to both retail and institutional investors. Anticipation surrounding the approval of spot Bitcoin ETFs has generated considerable interest, with Bloomberg estimating a 90% likelihood of SEC approval by January 10. The SEC has been actively engaging with various exchanges and spot Bitcoin ETF issuers, holding discussions with influential entities such as Blackrock, Ark Invest, and Grayscale Investments regarding their applications. Anthony Scaramucci, the founder of Skybridge Capital, foresees a substantial influx of capital from Wall Street into the Bitcoin market once spot Bitcoin ETFs receive official approval. Echoing this sentiment, Tom Farley, the former President of the New York Stock Exchange (NYSE), anticipates a surge in funds flowing into the broader crypto industry following the SEC's green light for spot Bitcoin ETFs. Financial advisor Ric Edelman has also noted the eagerness of professionals in his field to offer these investments to their clients once the SEC provides its approval. However, JPMorgan has issued a cautious warning, suggesting that the introduction of spot Bitcoin ETFs could exert "severe downward pressure on Bitcoin prices." The race to launch these ETFs reflects the growing institutional interest in Bitcoin and the broader cryptocurrency market. As regulatory clarity continues to unfold and financial giants make preparations to enter the crypto space, the cryptocurrency landscape is rapidly evolving. The outcome of the SEC's decision in January will undoubtedly have a significant impact on Bitcoin's trajectory and the investment landscape, affecting both retail and institutional investors. This pivotal moment marks an exciting and potentially transformative phase in the ongoing evolution of cryptocurrencies within the traditional financial world. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
