A senior director at Moody’s Analytics has highlighted the biggest driver behind the recent surge in Bitcoin prices, explaining that the “race is heating up” to launch a spot Bitcoin exchange-traded fund (ETF), stressing that large asset managers are “preparing to acquire underlying assets in order to offer ETFs to retail and institutional investors.”
The biggest drivers behind Bitcoin's price surge
Yiannis Giokas, senior director at Moody’s Analytics, a subsidiary of Moody’s Corporation that focuses on non-rating activities, has provided insight into the factors behind the recent surge in Bitcoin prices and highlighted the expected approval by the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF).
“The biggest driver behind the surge in Bitcoin prices may be the number of applications for spot BTC ETFs, which the SEC is expected to approve in January,” the director said in an email to Bitcoin News.
He added:
The race to launch these tools is heating up, with big asset managers preparing to acquire underlying assets in order to offer ETFs to retail and institutional investors.
Bloomberg predicts that there is a 90% chance that the SEC will approve a spot Bitcoin ETF by January 10. The securities regulator has been meeting with exchanges and spot Bitcoin ETF issuers, including Blackrock, Ark Invest and Grayscale Investments, to discuss their applications.
Skybridge Capital founder Anthony Scaramucci expects a large influx of money into BTC on Wall Street when a spot Bitcoin ETF is launched. Former New York Stock Exchange president Tom Farley similarly expects money to pour into the crypto industry with the approval of a spot Bitcoin ETF. Ric Edelman said last week that financial advisors are waiting for the SEC to approve spot Bitcoin ETFs so that they can offer these investments to their clients. On the other hand, JPMorgan warned that a spot Bitcoin ETF could put "severe downward pressure on Bitcoin prices." #穆迪 #比特币ETF
