Tuesday, 27 February 2024
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Analyst says spot Bitcoin ETF a “wrap” as approval sentiment lifts Bitcoin (BTC) and Pullix (PLX

Bitcoin price tests $28k amid fresh whale activity

  • Bitcoin ($BTC) jumped 5% to above $43k on Tuesday as markets reacted to news around BlackRock’s spot Bitcoin ETF filing.
  • An analyst says the latest amendment to BlackRock’s proposal means an approval is as good as done.
  • Positive sentiment has altcoins also bouncing higher, and Pullix ($PLX) looks poised as presale surpasses $800k.

Bitcoin ($BTC) bounced higher on Monday after the weekend’s retreat to below $41k, with the market’s reaction to the latest spot Bitcoin ETF news lifting altcoins. Elsewhere in the market, the Pullix ($PLX) presale accelerated as stage 3 surpassed the $800k raised mark.

What does the highly anticipated ETF approval mean for the crypto market? Could $PLX benefit from this?

Bloomberg’s Eric Balchunas says spot Bitcoin ETF “debate over”

On Monday, BlackRock filed an amended S-1 application for its spot Bitcoin ETF proposal. Instead of its earlier version’s in-kind redemption model, the world’s largest asset manager is looking at cash-only redemption.

It’s what the SEC has reportedly favoured and comes after numerous meetings between the regulator and the asset manager. Positive conversations between different firms have encouraged the crypto industry, with hopes that the rejections and delays are coming to an end.

Eric Balchunas, a senior ETF analyst for Bloomberg, believes BlackRock’s move means approval for the first spot Bitcoin ETF in the US is a “wrap.”

With BlackRock now set for cash-only creation and redemption – instead of direct (in-kind) $BTC deposits – approval is now a matter of when rather than if. For Balchunas, its “debate over” as BlackRock looks to have the approval all but sealed ahead of the holidays.

Other firms that have proposals pending before the SEC are also engaging with the regulator. Bitwise, ARK Invest/21Shares and Wisdomtree have also submitted amended S-1 filings.

What would a spot ETF approval mean for the market?

Market experts say a spot ETF approval combined with other positive catalysts, including the upcoming Bitcoin halving, could see $BTC aim for prices above $120k in this bull cycle. Today’s bounce means…

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