The crypto world is eagerly awaiting the approval of the first spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). A spot Bitcoin ETF would allow investors to buy and sell the actual cryptocurrency without having to deal with the technical aspects of custody and trading. This could boost the adoption and liquidity of Bitcoin and potentially drive its price higher.
According to Google Trends, a tool that measures the popularity of search terms, the phrase “spot Bitcoin ETF” has reached a peak value of 100 this week, indicating the highest level of interest among the general public in the past five years. The phrase “Bitcoin ETF” has also increased to 39, the highest since ProShares launched a futures-based ETF two years ago.
The growing interest in Bitcoin ETFs reflects the increasing awareness and demand for crypto assets among both retail and institutional investors. Several prominent firms, such as BlackRock, Grayscale, and Wisdom Tree, have filed applications for Bitcoin ETFs with the SEC, hoping to capture a share of this emerging market.
However, the SEC has not yet approved any spot Bitcoin ETFs, citing concerns over market manipulation, fraud, and investor protection. The regulator has repeatedly delayed or rejected previous proposals, and has asked for more public input on the matter. The SEC is expected to make a decision on several pending applications by early next year.