Cathie Wood, CEO of Ark Invest, stated in an interview that her firm has been in communication with the SEC regarding their spot Bitcoin ETF application. She believes this engagement indicates a change in behavior and an increased likelihood of approval. Wood also mentioned that multiple Bitcoin ETFs could potentially be approved simultaneously after the SEC’s unsuccessful attempts to block them in court. With the SEC required to reconsider ETF rejections and no appeal being made, it is expected that approvals will come by the end of the year. Other asset managers, such as Fidelity and Galaxy Digital, are also awaiting SEC decisions on spot crypto ETFs. If approved, a Bitcoin ETF would allow mainstream investors to gain direct exposure to Bitcoin through brokerage accounts, resulting in significant inflows of cryptocurrency. However, there are still risks of delays or disappointment due to the opaque SEC approval process. In other news, Grayscale Investments is partnering with FTSE Russell to enter the cryptocurrency indices market, planning to release the Crypto Sector Index Series. Bitcoin has also witnessed a remarkable bull run, surpassing the $35,000 mark for the first time in 16 months, and there have been consistent inflows of funds into crypto investment products, totaling $33 billion.
AI Sentiment: Positive