Bitwise Asset Management has made a significant step in the race for a spot Bitcoin (BTC) ETF. The firm’s spot Bitcoin ETF has been listed on the Depository Trust and Clearing Corporation (DTCC) under the ticker name $BITB, signaling increased chances of approval for a spot BTC ETF in the US. This move follows Fidelity, whose spot BTC ETF was listed on the DTCC just last week.
Chief Investment Officer at Bitwise, Matt Hougan, expressed optimism for the potential launch of a spot BTC ETF in the US. Despite the absence of approval, Hougan stated that the team is preparing marketing and sales strategies in anticipation of a launch while working closely with regulators to push things ahead.
Analysts at Bloomberg have also predicted a 90% chance of the US SEC (Securities and Exchange Commission) approving a spot BTC ETF by Jan. 10, signaling a heating up of the race for a spot Bitcoin ETF.
In addition to this development, Bitwise has made a bold prediction for the future of BTC. Senior crypto research analyst at Bitwise, Ryan Rasmussen, has forecasted that BTC could reach $80,000 in 2024, representing an 87% increase from current levels. Rasmussen also believes that the spot Bitcoin ETF will be the most successful ETF launch of all time.
Looking at the historic background of this topic, the possibility of a spot BTC ETF approval and the upcoming halving cycle in April next year are expected to fuel another bullish trend for the original cryptocurrency. Halving cycles are known to reduce the supply of an asset, and coupled with the potential spot BTC ETF approval, this could propel the cryptocurrency market into another bull run.
