- Bitwise’s spot Bitcoin ETF, BITB, is now listed on DTCC, raising hopes for SEC approval and joining major players like BlackRock and Fidelity.
- Despite DTCC listing not guaranteeing approval, experts predict a bullish market, with Bitwise anticipating a new Bitcoin all-time high.
Bitwise Asset Management’s spot Bitcoin exchange-traded fund (ETF) has recently appeared on the Depository Trust & Clearing Corporation (DTCC) active and pre-launch list. The ETF is one of several funds, including those from BlackRock and Fidelity, generating positive sentiment for a potential U.S. Securities and Exchange Commission (SEC) approval.
🚀 Exciting news in the world of #cryptocurrency! Bitwise's Spot #Bitcoin ETF (BITB) has achieved a major milestone by being listed on the DTCC (Depository Trust & Clearing Corporation), a significant move towards revolutionizing the way we invest in digital assets. 🌟#BTC… pic.twitter.com/QliRZlQ8P1
— Collin Brown (@CollinBrownXRP) December 14, 2023
The DTCC website listing Bitwise’s spot Bitcoin ETF is an important step forward in pursuing regulatory approval in the US. The DTCC listing includes various spot Bitcoin ETFs, encouraging the cryptocurrency sector. Prominent players such as Fidelity and BlackRock, whose exchange-traded funds are also included in the list, suggest that institutional investors are becoming more interested in actively participating in Bitcoin.
Bitwise’s Resilience: Re-Application and Institutional Support
Bitwise’s June 16 re-application for a spot Bitcoin ETF demonstrates their proactive approach. This action comes after the SEC denied the company’s first petition a year earlier due to worries regarding cooperative oversight and investor protection. The resubmitted application is consistent with BlackRock’s filing, indicating key stakeholders’ shared resolve to work through the regulatory process and launch a spot ETF.
BlackRock’s entry into the space as the world’s largest asset management company underscores the growing willingness of institutional investors to engage with cryptocurrencies.
SEC Approval Anticipation and Market Impact
The DTCC list now includes multiple spot Bitcoin ETFs, which has stoked rumors of an impending SEC clearance. Though regulatory approval differs from listing, positive talks with the SEC continue. Chief Investment Officer of Bitwise Asset Management Matt Hougan predicts that as investors look to protect themselves from inflation, Bitcoin prices may rise.
The market’s reaction to the expected approval of a Bitcoin ETF has already set off a bullish trend. With a 4% increase in the last day, Bitcoin is now trading at $42,837.41, and positive mood points to $50,000 amid the expected Santa Claus rally.
Market Predictions and Cautionary Notes
Matrixport’s market analysts anticipate a positive rally, with Bitcoin expected to hit $45,000 by year’s end and maybe reach $60,000 before the next halving. Bitwise goes one step further and predicts that if spot Bitcoin ETFs are a success, Bitcoin will reach a new all-time high of almost $80,000 in 2024.
Despite these hopeful projections, it is advisable to exercise prudence. Due to the unpredictable nature of cryptocurrency markets, traders should maintain vigilance in the face of unforeseen circumstances.
Senior crypto research analyst at Bitwise Asset Management Ryan Rasmussen lists the main causes of Bitcoin’s rise. Anticipating the launch of a Bitcoin ETF spot in early 2024 and the planned halving of the new Bitcoin supply by the end of April, analysts expect Bitcoin to soar to unprecedented heights. According to Bitwise’s bullish prediction, all of the spot Bitcoin ETFs might launch as the most successful ETFs ever, taking a sizeable chunk of the $7.2 trillion U.S. ETF market.
In 2024… Bitcoin will set a new all-time high, the spot bitcoin ETF will be the most successful ETF launch of all time, Coinbase’s revenue will double, and more…
Here are 10 Crypto Predictions for 2024 by the team at @BitwiseInvest
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— Ryan Rasmussen (@RasterlyRock) December 13, 2023