- At the time of writing, there were a total of 11 BTC spot ETF applications pending SEC approval.
- BTC and BCH were trending as news of the latest ETF registration hit.
Bitcoin [BTC] spot ETFs have gained a lot of attention as a growing number of institutions have signed up for the service. Although the SEC’s approval process has been slow, Grayscale’s recent favorable ruling could lead to more ETF filings, as evidenced by the emergence of a new entrant into the market.
Read Bitcoin’s [BTC] Price forecast 2023-24
Bitcoin is seeing a surge in ETF applications
Lately, there has been a huge increase in sign-ups for Bitcoin spot ETFs. BlackRock’s filing on June 15 set off a wave of new filings.
BlackRock sought approval for a spot Bitcoin ETF, with Coinbase as crypto custodian and spot market data provider and BNY Mellon as cash custodian. On July 15, the SEC formally accepted BlackRock’s request for review.
Following BlackRock, WisdomTree, a New York-based asset manager, filed on July 19. It is worth noting that WisdomTree previously filed for a spot Bitcoin ETF in the US on December 8, 2021, but was rejected by the SEC in 2022.
Similarly, asset manager Valkyrie initially submitted a spot Bitcoin ETF application in January 2021, which was rejected. However, they resubmitted their application on June 21.
July saw a flurry of filings, with VanEck, Fidelity/Wise Origin and Invesco Galaxy filing with the SEC. Ark Invest was one of the first institutions to apply for a Bitcoin ETF.
Furthermore, Frank Templeton recently entered the BTC ETF race. This latest filing has created a lot of excitement in the market.
On September 11, Franklin Templeton entered the competitive arena by filing for a Bitcoin spot ETF. This move made them the latest traditional asset manager to enter this crowded space.
In their filing with the U.S. Securities and Exchange Commission (SEC), Franklin Templeton outlined their proposal for an ETF managed by Coinbase, designed to trade on the Cboe BZX Exchange, Inc. However, they have yet to bring out a specific ticker symbol. for this product.
Bitcoin Trends as News of New Application Hits
The Templeton application caused quite a stir, as noted in a post from Santiment. This post, which tracked social trends in cryptocurrencies, revealed that the excitement extended beyond Bitcoin.
In addition to Bitcoin, also Bitcoin Cash [BCH], a fork of Bitcoin, also received a lot of attention and surpassed BTC in its trending status. The historical trend data also indicated that BCH consistently followed the trend alongside BTC when news of ETF registrations emerged.
#FranklinTempleton has applied for a spot #Bitcoin #ETFand there has been an upturn in public optimism. $BTC and his most famous fork, $BCHare the two biggest trending assets in #crypto. #BitcoinCashhas mainly benefited from previous ETF announcements. https://t.co/UeSwx9dO3k pic.twitter.com/6DMuPvPG5b
— Santiment (@santimentfeed) September 12, 2023
How BTC and BCH reacted to the news
Bitcoin Cash’s daily timeframe chart revealed a notable development on September 12. The chart indicated that BCH experienced a significant price increase, rising by more than 7% to reach a closing price of $198.5.
At the time of writing, BCH continued to trade modestly up over 1% and hovered around $201.
Source: TradingView
Furthermore, this price increase had a noticeable effect on the Relative Strength Index (RSI). At the time of writing, the RSI had risen above the neutral line, indicating an upward trend in BCH’s price momentum.
On September 12, Bitcoin also experienced an uptrend according to the daily time chart, although the price increase was relatively modest compared to BCH. The chart indicated that the price of BTC rose more than 2% to close trading at just above $25,800.
How much are 1,10,100 BTCs worth today?
At the time of writing, the stock was trading at around $26,000, reflecting a further increase of over 1%.
Source: TradingView
However, it is important to note that unlike Bitcoin Cash, this uptrend did not take Bitcoin out of its bearish trend. The RSI indicated that the trend was still below the neutral line at the time of writing, indicating continued bearish sentiment in the market.