The Securities and Exchange Commission (SEC) is currently reviewing 12 spot Bitcoin exchange-traded fund (ETF) applications. Despite the cautious stance of SEC Chairman Gensler on the digital asset sector, speculation about the approval of a spot Bitcoin ETF has fueled the recent surge in Bitcoin’s value. Although a decade has passed since the first application for a spot Bitcoin ETF was submitted, no such product exists in the US market. However, the entry of major financial firms like BlackRock and Fidelity into the Bitcoin ETF arena has renewed optimism for its approval.
AI Sentiment: Positive