A senior director with Moody’s Analytics has highlighted the biggest driver behind the recent bitcoin price surge. “The race is heating up” to launch spot bitcoin exchange-traded funds (ETFs), he explained, emphasizing that large asset managers are “getting ready to acquire the underlying asset to offer the ETF to retail and institutional investors.”
Biggest Driver Behind Bitcoin Price Surge
Yiannis Giokas, a senior director with Moody’s Analytics, has provided insights into the factors behind the recent surge in bitcoin’s price, highlighting the anticipated approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Moody’s Analytics is a subsidiary of Moody’s Corp. that focuses on non-rating activities.
“The biggest driver behind the surge in bitcoin price is likely the number of applications for spot BTC ETF which are expected to be approved by the SEC January,” the director said in an email to Bitcoin News. He added:
The race is heating up to launch these vehicles with large asset managers getting ready to acquire the underlying asset to offer the ETF to retail and institutional investors.
Bloomberg has predicted a 90% chance of the SEC approving spot bitcoin ETFs by Jan. 10. The securities regulator has been meeting with exchanges and spot bitcoin ETF issuers, including Blackrock, Ark Invest, and Grayscale Investments, to discuss their applications.
Skybridge Capital founder Anthony Scaramucci anticipates massive capital inflow from Wall Street into BTC when spot bitcoin ETFs launch. Former NYSE President Tom Farley similarly expects money to flood into the crypto industry with the approval of spot bitcoin ETFs. Ric Edelman said last week that financial advisors are waiting for the SEC to approve spot bitcoin ETFs so that they can offer these investments to their clients. JPMorgan, on the other hand, has warned that spot bitcoin ETFs could put “severe downward pressure on bitcoin prices.”
What do you think about the statements by the Moody’s Analytics director regarding spot bitcoin ETFs? Let us know in the comments section below.
Source: Bitcoin
