As the U.S. Securities and Exchange Commission (SEC) nears a decision on the approval of a spot Bitcoin ETF, companies awaiting the green light for their ETF applications are lining up for meetings with SEC officials. This surge in activity coincides with a rising anticipation for the first U.S. spot Bitcoin ETF, which has been reflected in Bitcoin’s price increase.
BlackRock, the world’s largest asset management firm, has shown particular eagerness to engage with the SEC. The company was one of the first to apply for a spot Bitcoin ETF in June 2023. If BlackRock’s ETF were approved, considering its management of $9 trillion in assets, it would signify a significant institutional adoption for the cryptocurrency market. Recent news suggests BlackRock is impatient to facilitate this corporate adoption.
According to FOX Business, BlackRock has made obtaining SEC approval for its spot Bitcoin ETF a significant corporate priority. The firm has held up to three meetings with SEC officials within just seven business days, the latest being on December 19, 2023. Grayscale, which aims to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, also met with U.S. federal regulators on the same date.
Meanwhile, on-chain data indicates that Bitcoin whales have re-entered positions they had taken before December 20, 2023, acting as a catalyst for the cryptocurrency’s price to reach the $44,000 level. The data shows that around 22 whale-level wallet addresses have taken positions in anticipation of a price increase, halting the continuous decline in the number of wallets holding over 100 BTC observed over the last two weeks.
