After months of speculation, the US Securities and Exchange Commission (SEC) finally authorized spot Bitcoin exchange-traded funds (ETFs). Bitcoin‘s price has been steadily climbing with optimism surrounding this moment, and while the token’s price has fluctuated in the aftermath, it was trading for above $46,560 at the time of this writing. Additionally, the Bitcoin ETF saw $4.6 billion in trade volume by Thursday’s end.
The commission approved 11 spot Bitcoin ETFs from a group of asset managers, including BlackRock, Grayscale, Bitwise, Fidelity, and Invesco. The news comes after an unknown hacker posted on the SEC’s X account on Jan. 9 that spot Bitcoin ETFs were approved, a day before the commission made the official announcement.
Anyways. I think it’s safe to say crypto is back.
I’ll end this bit with a fun fact: The Winklevoss twins were the first to submit a spot Bitcoin ETF application to the SEC in 2013, which was eventually rejected. That makes this moment 10 years in the making. Check out my piece for more on what the SEC’s approval of spot Bitcoin ETFs really means.