Constancy might quickly file for a spot bitcoin ETF

• The Block says Constancy is subsequent in line to file for a spot bitcoin ETF.
• Oanda analyst Edward Moya shares his view on the Constancy information.
• BlackRock additionally filed for such an exchange-traded fund final week.

Constancy is in concentrate on Tuesday following a report that the asset supervisor was subsequent in line to file for a spot bitcoin ETF.

Analyst reacts to the Constancy information

The information arrives solely days after peer BlackRock filed with the U.S. Securities and Change Fee for such an exchange-traded fund (discover out extra).

Constancy refused to touch upon The Block’s report this morning. However a Senior Market Analyst at Oanda – Edward Moya stated:

There’s a number of optimism right here that you simply’re going to get a bitcoin ETF.

Others which have not too long ago filed for a spot bitcoin ETF embody Invesco, WisdomTree, Bitwise, and VanEck. Such filings helped bitcoin hit $31,000 this week for the primary time in additional than a yr.

What a spot bitcoin ETF might imply for crypto

It’s noteworthy right here that Constancy had filed for a spot bitcoin ETF in 2021 as effectively. On the time, it had confronted rejection.

However this time may very well be completely different contemplating its peer BlackRock has filed for one as effectively and BlackRock has a popularity for making such a transfer solely when it’s satisfied that it’s going to obtain approval, as per Oanda’s Moya.

If that does get accomplished, it may open the door for far more institutional cash and doubtless some high-net-worth retail merchants to get again into crypto.

Final week, Constancy backed crypto trade EDX Markets went stay in the USA. On the draw back, although, the U.S. regulator has not too long ago filed lawsuits in opposition to each Binance and Coinbase World Inc.