In a report, K33 senior analyst Vetle Lunde and vice president Anders Helseth said the chances of bitcoin-ETF applications being approved have increased significantly over the past three months. So far, however, these sentiments are not reflected at all in the rates of bitcoin and other major coins.
Analysts noted that on the back of Grayscale’s victory in its lawsuit against the SEC, bitcoin’s exchange rate rose significantly, but for the time being, the price of BTC has rolled back to previous levels. But with the advent of spot bitcoin ETFs, the influx of funds into the first cryptocurrency will be “incredible,” meaning there will be significant buying pressure.
If the SEC denies applications for bitcoin ETFs, however, cryptocurrency prices won’t be affected much, according to the report’s authors.
“I firmly believe the market is wrong right now