- Bitwise Asset Management, one of the largest crypto index fund managers in the United States, has updated its application for a spot Bitcoin ETF to trade on the NYSE.
- Bitwise Researcher Ryan Rasmussen stated, “Around 80% of the wealth in the United States has historically not had access to Bitcoin, so we anticipate significant demand for the upcoming spot Bitcoin ETF.”
- As many people believe the U.S. dollar’s strength index is nearing its peak, Bitcoin and gold are increasingly seen as the only assets to park your money.
Bitwise Asset Management updated the spot Bitcoin ETF application file in the USA: Companies are ready for the ETF launch!
Bitwise Updates Spot Bitcoin ETF File
Bitwise Asset Management has made an update in its application for a spot Bitcoin ETF in the United States to trade on the NYSE. The only change appears to be that the ETF now has a ticker symbol, BITB, indicating that the applicants are making final preparations for the public offering.
This marks the first time in a decade that ETFs have been assigned ticker symbols since the first Bitcoin spot application. This suggests a high likelihood of approval. Bitwise Researcher Ryan Rasmussen stated, “Around 80% of the wealth in the United States has historically not had access to Bitcoin, so we anticipate significant demand for the upcoming spot Bitcoin ETF.”
Even more traditional investors have started showing interest due to the recent price surge. Mohamed El-Erian, the Chief Economic Advisor at Allianz, commented on the recent price increase:
“A pretty big move on the Bitcoin side…while both stocks and bonds are under pressure. One of the issues here is something that was triggered by a large sell-off in Treasury bonds and has occasionally turned into a ‘safe asset’ search by investors who at times behave quite irrationally.”
Larry Fink, the CEO of BlackRock, referred to Bitcoin, a company assigned a ticker symbol for its own spot Bitcoin ETFs, as a “flight to quality,” meaning a safe asset.
Bitcoin and gold maintain their safe-haven status
As bonds have slumped, stocks have been under pressure, real estate has lost value, and many people believe the U.S. dollar’s strength index is nearing its peak, Bitcoin and gold are increasingly seen as the only assets to park your money.
In contrast, Bitcoin has risen by 30% this month. Bitwise’s Ethereum future ETFs, Bitwise Ethereum Strategy ETF (ticker: AETH) and Bitwise Bitcoin and Ether Equal Weight Strategy ETF (ticker: BTOP), are set to begin trading on the NYSE.
This month, Ethereum future ETFs gained momentum. However, all eyes are on the new development for bitcoin spot ETFs on Wall Street. Galaxy Digital estimates that these could bring in $14 billion in the first year and drive prices up by 75%.
The exact date when spot ETFs will start trading is unknown, but there is a deadline set for January 10 for approval or denial, though some analysts suggest approval could come sooner.
