An analyst voiced his thoughts on BlacRock’s spot Bitcoin ETF.
Making statements on the subject, the analyst said that the acceptance of BlackRock’s spot Bitcoin ETF is a difficult prospect. However, the analyst made comments on the market.
An analyst comments on the adoption of BlackRock’s spot Bitcoin ETF
One analyst thinks BlackRock’s spot Bitcoin ETF application is highly unlikely to be approved. As of today, the Bitcoin price has dropped 1.2 percent to below $30,000. Investors await the outcome of multiple corporate spot ETF applications. However, he observes a possible upside breakout. However, the price has been fluctuating between $29,500 and $32,000 since late June.
Bitcoin research leader Chris Bendiksen states that there is a triple challenge that is causing the current recession of the digital asset. The first challenge is the weakness of buyers after the rally caused by BlackRock’s spot Bitcoin ETF application. BlackRock applied on June 15th. However, it had caused Bitcoin to surge above $30,000. However, analysts think that despite some changes, a spot ETF approval is still a remote possibility. The U.S. Securities and Exchange Commission (SEC) is reportedly seeking surveillance agreements with markets with “significant” Bitcoin volume, and this is seen as a factor hindering ETF approval.
However, he states that analyst Larry Fink’s statements have given Bitcoin a positive momentum. Fink’s positive comments are said to increase the popularity of the digital asset and attract media attention. Bendiksen also thinks that the Bitcoin halving will attract a lot of media attention and highlight Bitcoin’s strong monetary policy.
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