In January 2024, the SEC had already allowed Bitcoin ETFs to follow the price of Bitcoin. This week, the SEC announced that eleven crypto ETFs will be able to trade directly on the New York Stock Exchange.
It is noted that these funds do not have a direct authorization to integrate the stock markets but the regulatory body has announced that it will accelerate the listing process of these crypto ETFs. Fidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, Grayscale Bitcoin Trust BTC and iShares Bitcoin Trust ETF are among the funds that received approval this week. However, it is difficult to know how long it will take before its funds are integrated and whether they will be integrated at the same time.
The recent announcement by grayscale to open a new fund already gave us a good sense that news for these financial products was good. A new supply of liquidity in the markets could directly influence the price of cryptocurrencies upwards. As a reminder, in early 2024, the mere authorization of ETFs had pushed cryptocurrency prices very strongly. Bitcoin and ETH were the big winners of this trend, they could once again benefit from it.
