BlackRock’s announcement about its hopes for a spot bitcoin exchange-traded fund (ETF) has helped the original cryptocurrency recover from its slump, with bitcoin’s market value comprising almost half of the $1.1tn crypto market. BlackRock’s track record of getting its ETFs approved by the Securities and Exchange Commission (SEC) has increased optimism, with Invesco and WisdomTree also reapplying for BTC ETF approval since BlackRock’s move. However, the SEC recently sued Coinbase and Binance, which has made some investors hesitant, and at present, American crypto investors can access only futures-based ETFs.
