BlackRock’s filing for a Bitcoin spot ETF (iShares Bitcoin Trust) has breathed new life into the market and sparked a strong rally. The hope is that BlackRock will trigger a “Great Accumulation Race” around Bitcoin, fuelled by the fact that 69% of all investors have been unwilling to sell their Bitcoins for over a year, Bitcoinist reported.
Market experts give the BlackRock ETF a high chance of approval. Remarkably, BlackRock has an approval ratio of 575:1, but the US Securities and Exchange Commission’s (SEC) ratio when it comes to rejecting Bitcoin spot ETFs is just as clear: 33:0.
But because BlackRock has close ties to US regulators and Democratic politicians, there is room for an optimistic outlook on the likelihood of approval. As K33 Research writes in their latest market analysis, BlackRock is unlikely to spend time and resources if they do not see the chance of approval as very high.
Race For The First Bitcoin Spot ETF
Rumors have already emerged in recent days that Bl
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