VanEck adviser says Bitcoin spot ETF won’t likely have much impact on Bitcoin price but there is a catch

Insider says only BlackRock will get approval for Bitcoin spot ETF

InAndrew, bitcoin news, Bitcoin Spot ETF, blackrock, crypto news, Featured, Investing

Andrew said that BlackRock’s Bitcoin spot ETF application is unique over other fund manager’s filing and there are still huge chances for BlackRock to get approval.

Bitcoin spot ETF is a Bitcoin investment vehicle, which is not available under the jurisdiction of the United States (US), as the country’s securities regulatory body the United States Securities Exchange Commission (SEC) rejected all the Bitcoin spot ETFs applications between 2021 to 2022. Now in the present time around half a dozen Bitcoin spot ETF applications are waiting on the SEC’s table and expecting approval.

On 1 July 2023, A popular crypto personality & founder of X2, Andrew, known for providing inside information about crypto, said that the latest high-level discussion about the Bitcoin spot ETF applications concluded that only BlackRock will get only approval for its Bitcoin spot ETF, so that there will be a chance that there will be only a single Bitcoin spot ETF product in the US, at least in the near future.

UPDATE: four different conversations yesterday evening re: #Bitcoin Spot ETF landscape:
– “fully expect @coinbase and @CBOE to become tied at the hip; $COIN could be biggest winner in all of this.”
– “BlackRock will still be first and could be the ONLY spot $BTC ETF approved.”
— Andrew (@AP_Abacus) July 1, 2023

Recently a report from WSJ confirmed that the SEC body already confirmed that BlackRock’s Bitcoin spot ETF application was not clear & sufficient. After the WSJ report, the majority of people are thinking that the SEC body will not give a green signal for any Bitcoin spot ETF application.

Here Andrew said that people should not think that Bitcoin spot ETF applications will fail to secure regulatory approval, as big players like Nasdaq & Coinbase are there & they are supporting the application.

Bitcoin price action

The current trade price of Bitcoin is $30,512 & this trade price is 12.5% high over the last 30 days of trade price. This sudden increment in the BTC trade price is only because of the Bitcoin spot ETF applications news.