The U.S. Securities and Exchange Commission (SEC) is likely to approve several spot bitcoin exchange-traded-funds (ETFs) in quick succession, which could trigger the next rally for bitcoin, according to a report by crypto services provider Matrixport. The report suggests that these ETF providers would spend considerable marketing expenses to attract retail and institutional capital. The approval of a physical bitcoin ETF could bring in management fees of $200 million per year for ETF providers. Matrixport believes that the SEC’s approval would have a positive impact on the bitcoin price and advises investors to have upside exposure on the days when the regulator is set to respond to ETF applications. However, if the SEC needs more time to assess surveillance-sharing agreements, the bitcoin price may initially correct in mid-September, presenting a buying opportunity.
AI Sentiment: Positive