- BlackRock’s relentless pursuit: Key corporate priority for SEC approval.
- Bitcoin whales return: 22 wallets re-enter, fueling BTC price surge.
- SEC meetings frenzy: BlackRock and Grayscale push for ETF green light.
As the clock ticks down to the U.S. Securities and Exchange Commission’s (SEC) pivotal decision on Bitcoin exchange-traded funds (ETFs), corporate giants are making a beeline for discussions with regulatory authorities. The anticipation surrounding the potential approval of the first-ever Bitcoin ETF in the United States has coincided with a bullish trend in Bitcoin (BTC) prices.
BlackRock, a global investment management powerhouse, stands out as a front-runner in the race for regulatory approval. Having submitted its application for a spot ETF with the SEC in June 2023, BlackRock’s successful bid could usher in a substantial institutional influx into the cryptocurrency ecosystem, given the firm’s staggering management of investments totaling $9 trillion. Reports indicate that BlackRock has elevated the approval of its proposed Bitcoin ETF to a ‘key corporate priority,’ as highlighted by FOX Business:
“BlackRock has made receiving SEC approval for its proposed bitcoin ETF a key corporate priority.”
Notably, BlackRock engaged in three meetings with SEC officials within a mere 7 business days, the most recent occurring on December 19, 2023. This fervent pursuit echoes the broader sentiment within the financial industry as companies like Grayscale also met with the SEC on the same day, seeking approval for the conversion of its Grayscale Bitcoin Trust (BTC) into a spot ETF.
Simultaneously, on-chain data reveals a resurgence of Bitcoin whales on December 20, 2023, potentially serving as a catalyst for the upward momentum in BTC prices towards the $44,000 mark. A total of 22 whale wallets re-entered the market, reversing a previous trend of decline in the number of Bitcoin wallets holding over 100 BTC in the past two weeks. The burning question now is whether Bitcoin will reclaim the $44,270 level and surpass the 16-month high of $44,500 in the imminent days.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.