- Spot Bitcoin ETFs are undoubtedly one of the hottest topics in the cryptocurrency market because they have the potential to trigger the next bull run.
- The company recently announced that its legal team has sent a letter regarding this matter, noting that the time legally allowed for the SEC to take action on a filing has been exceeded by more than three times.
- The number of BTC holding addresses is steadily increasing and reportedly reached a new all-time high. Approximately 4.47 million addresses hold at least 0.1 Bitcoin.
While Grayscale is pushing for the approval of a spot Bitcoin ETF, Bitcoin holders are reaching a new record.
Grayscale Exerts Pressure on the SEC
Spot Bitcoin ETFs are undoubtedly one of the hottest topics in the cryptocurrency market because they have the potential to trigger the next bull run. They represent much more for companies following them.
Grayscale is one of the companies that has applied for Bitcoin ETF approval. The first companies to receive approval will have the opportunity to benefit from strong demand from institutions.
Furthermore, they have the chance to earn potential billions in fees. This partially summarizes why companies like Grayscale want to be at the forefront of obtaining regulatory approval for Bitcoin ETFs.
Grayscale appears to be paying particular attention to this matter. The company recently announced that its legal team has sent a letter regarding this matter, noting that the time legally allowed for the SEC to take action on a filing has been exceeded by more than three times.
The recent aggressive move by the digital asset investment firm aims to make the SEC more accountable. This comes after the U.S. regulator delayed its decisions on spot BTC ETFs. With Grayscale putting pressure on the SEC right now, an approval is only a matter of time.
Increasing Bitcoin Holders
Bitcoin has faced directional challenges in the past few weeks. However, the number of BTC holding addresses is steadily increasing and reportedly reached a new all-time high. Approximately 4.47 million addresses hold at least 0.1 Bitcoin.
This indicates that there is still demand for Bitcoin at current levels, especially following the dip in August. However, the market remains under a cloud of uncertainty, particularly due to the possibility of interest rate hype during the next Federal Reserve announcement. Much of BTC is currently suppressed due to expectations of another crash.
As a result of the above concerns, the open interest in Bitcoin has remained low. At the time of writing, open interest has dropped to levels last seen in March 2023. The estimated leverage ratio for BTC has also confirmed suppressed appetite for leverage due to higher risk factors.
The low estimated leverage ratio confirms that Bitcoin traders are still being cautious in the short term. This is valid until current market conditions provide more clarity.
