Bitcoin ETF approvals in the U.S. are expected to be delayed, while Europe has taken a different approach. Fidelity Digital Assets will ensure custody of the fund, and market-making operations will be handled by Flow Traders. Regulatory uncertainty remains high in the U.S., and several companies including BlackRock, Valkyrie, and Ark Invest have crypto ETF applications awaiting SEC review. The SEC has the authority to postpone ETF applications for up to 240 days, potentially leading to delays until early 2024. Bernstein predicts a significant spot bitcoin ETF market and increased likelihood of approval. Bitcoin’s stability amid market fluctuations could influence regulatory considerations.

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