As reported by K33 Research on November 15th, there has been notable growth in institutional demand for Bitcoin via exchange-traded products (ETPs) over the past month. The increase hit an unprecedented record of 27,095 BTC, eclipsing the inflow witnessed in June and July after BlackRock submitted its Bitcoin spot ETF application. Senior Analyst Vetle Lunde and Vice President Anders Helseth from K33 Research explained that in addition to Bitcoin ETP inflows, CME's sustained high exposure highlights robust institutional demand for Bitcoin. This comes as the deadline approaches for the latest Bitcoin spot ETF application lodged with the US Securities and Exchange Commission.
Analysts have said that the limited window for approving all pending Bitcoin spot ETF applications will close on Friday, November 17th. This deadline specifically pertains to applications from Hashdex and Franklin. However, it presents an opportunity for the SEC to approve all applications at once, should it decide to do so. After this window passes, concurrent approval of all existing applications will no longer be possible, although Global X ETF still has its final deadline on November 21st. Consequently, the momentum in the cryptocurrency market might decelerate, as investors could potentially have to wait several weeks for significant ETF-related news.
