The race is heating up between major asset managers to secure the first SEC approval of a spot bitcoin exchange-traded fund (ETF). This comes alongside a surge in Bitcoin’s price to over $43,500 and increased profitability for long-term holders.
- Bitcoin price has surged to $43,500, largely attributed to spot Bitcoin ETF filings ramping up marketing campaigns ahead of potential approvals
- The SEC may approve the first spot bitcoin ETF by January 10th, 2024, which would be a landmark move to increase mainstream adoption
- Nearly half of surveyed family offices have invested in crypto assets, with over a third planning to increase blockchain and crypto investments
- Bitcoin’s price continues an upward trajectory, currently trading around $43,686 and facing resistance at $43,512, with support at $42,159
- Bitcoin held by long-term holders recently hit 14.9 million BTC, the highest level in 2023, as unrealized profits crossed break-even with 90% of supply now profitable
According to reports, the SEC must decide on several spot bitcoin ETF applications by January 10, 2024. Contenders like Fidelity and BlackRock have intensified marketing efforts, with Bitwise and Hashdex recently launching big ad campaigns. The first approval is expected to significantly expand mainstream access.
SEC Chair Gary Gensler recently expressed a favorable stance on cryptocurrency regulation, buoying hopes. His scope is also limited by a court ruling securing a victory for Grayscale. Approval would elevate Bitcoin’s legitimacy and likely adoption.
The news aligns with Bitcoin staging an impressive recovery after a brutal 2022 bear market. Buoyed by the fourth-quarter rally, BTC recently pierced through the critical $43,000 resistance level. It now eyes next targets at $44,697 and even $48,000.
Driving gains is an improvement in holder profitability. Long-term holders now clutch 14.9 million BTC, the highest level in 2023 after adding over 800k coins this year. With unrealized profits crossing break-even, 90% of circulating supply is now in the green.
Upcoming positive catalysts like the 2024 halving could spur further upside if momentum continues. Bitcoin’s advance comes despite lingering macro uncertainty, affirming its status as a maturing asset class amongst institutions.
A recent Grant Thornton survey found nearly half of family offices have allocated to crypto and blockchain assets, with over a third planning to increase exposure. This demonstrates a broader embrace of digital assets as portfolio diversifiers.