Key Points
- Spot Bitcoin ETFs continue to face difficulties, but the rewards might be substantial.
- According to experts, if approved, Bitcoin ETFs might herald in a new era of web3 utilization.
Industry professionals have collectively voiced optimism about the future of spot Bitcoin ETFs in the wake of Grayscale Bitcoin Trust’s historic court triumph over the SEC, highlighting the possibility for bridging the divide between conventional finance and DeFi.
Experts warn of future difficulties, including regulatory monitoring and market dynamics, even though the victory is considered as a big step forward.
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At Benzinga’s Future Of Digital Assets event, there will be a lot of debate on this crucial period in the cryptocurrency business, which is defined by Grayscale’s court victory and the thoughts of industry insiders around it.
The event promises to delve further into the shifting dynamics of digital assets, bringing attendees insights from industry professionals and an opportunity to comprehend the future trajectory of the crypto world.
The SEC was ordered by a U.S. federal court on Tuesday to reevaluate its decision to deny Grayscale Investments’ request to convert the Grayscale Bitcoin Trust into an ETF.
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Although Grayscale’s victory indicates progress toward a BTC ETF, according to Gracy Chen, managing director at Bitget, a number of obstacles still need to be overcome.
She referred to liquidity problems and Bitcoin’s susceptibility to market manipulation as potential barriers.
“However, given BTC’s continued development, more established asset management companies would queue up for a spot ETF. The approval of ETFs might draw substantial investment, potentially launching a bullish phase in the cryptocurrency market, Chen added.
Aquanow CEO Phil Sham highlighted the advantages of a Bitcoin ETF, saying, “The introduction of a Bitcoin ETF provides a straightforward means for institutional investors to gain exposure to Bitcoin, bypassing traditional constraints.”
Successful ETF launches, he pointed out, would close the gap between the institutional cryptocurrency and traditional financial sectors and usher in a new era of institutional cryptocurrency integration.
“Grayscale’s win marks another incidence of the U.S. courts finding that the SEC’s stance towards digital assets has been unreasonable at times,” Sham said in response to Grayscale’s legal victory.
Grayscale’s triumph was seen by Mercuryo co-founder and CEO Petr Kozyakov as proof refuting the SEC’s justifications for rejecting a Bitcoin ETF. He predicted that the decision may encourage more businesses to move forward with their plans for Bitcoin ETFs.
“The broader crypto market is energized by the ruling with the recorded inflows into Bitcoin as recorded on exchanges,” Kozyakov noted.
He issued a warning that the euphoria may be unwarranted because the decision does not ensure that a Bitcoin spot ETF will be approved.
The court’s ruling has received a lot of attention, particularly in light of the interest that major institutions like BlackRock Inc., Fidelity, WisdomTree, and others have shown in spot Bitcoin ETFs.
After numerous well-known companies submitted applications for Bitcoin spot ETFs, the Grayscale product’s previously-traded discount significantly decreased.
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