Bitcoin is enjoying rising prices and increased trading volumes as Fidelity and others amended the proposals while the market awaits approval.
Bitcoin price (B T c) reached $28,817 today in response to amendments to spot Bitcoin ETF applications submitted to the United States Securities and Exchange Commission (seconds,
However, at the time of writing, Bitcoin has fallen to $28,379, a 4.3% increase over the past 7 days, according to CoinMarketCap data. The initial surge pushed Bitcoin to a new two-month record and a 7% weekly gain.
Fidelity Amends Its Spot Bitcoin ETF Offering
On Tuesday, the asset management giant fidelity investment presented a Amendment Wise Origin for its previous application for the Bitcoin Trust. The amendments include details on the security of Bitcoin in customers’ custody accounts and disclosure of the risks and uncertainties prevalent in the somewhat loosely regulated crypto environment.
Last week, two other applicants amended their initial filings. While Invesco submitted a revision on October 11, Ark Invest re-filed its proposal the next day. Observers suggest that the amendments point to ongoing negotiations between the SEC and the applicants. Although this is unconfirmed, it indicates that the SEC may be willing to help potential ETF providers submit applications that meet the Commission’s requirements. Bloomberg Intelligence analyst James Seifert echoing This was in response to a tweet on X (formerly Twitter) highlighting “recurring themes” in the revisions. In addition to risk disclosure and custody arrangements, these topics include Valuation and pricing sources and mechanics around hard forks.
The market is eagerly awaiting approval for the spot Bitcoin ETF. after a false post The king coin surged to $30,000 on Monday as talk about the SEC approving BlackRock’s Bitcoin ETF began. However, BlackRock CEO Larry Fink It has been told The excitement and price surge have been called “an example of pent-up interest in crypto.” According to him, customers around the world are talking about their need for crypto.
There is bullishness in the market regarding ETF
Most predictions are optimistic not only for the likelihood of SEC approval but also for the impact on the market. According to a recent report from data analytics firm CryptoQuant, an approval would make Bitcoin a $900 billion asset as well. Increase the overall crypto market From 1 trillion dollars. CryptoQuant argues that financial institutions providing clients access to Bitcoin through spot ETFs will create a second wave of institutional adoption. The report states that the first wave was in 2020/2021 when institutions began acquiring king coins.
The CryptoQuant report also states that approximately $155 billion would enter the Bitcoin market if existing potential spot Bitcoin ETF providers committed 1% of their assets under management (AUM).
Bitcoin reached $28,000 on Monday following the news that the SEC has decided not to appeal the court’s decision to turn Grayscale’s Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. On Friday, analyst Seifert They say He expects Grayscale and the SEC to begin talks this week.
Trading volumes for Bitcoin have increased in anticipation of the approval. According to Alex Kuptsikevich, senior markets analyst at FXPro, in a note to CoinDesk, there is a “sustained increase in trading volume” linked to an “inflow of new buyers.”

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to strip down the secrets of crypto stories to the basics so that anyone anywhere can understand without too much background knowledge. When Tolu is not deeply immersed in crypto stories, he enjoys music, loves to sing and is an avid film buff.
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