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Home»EXCHANGE NEWS»As BTC price reaches $48,000, the battle for approval of the first spot Bitcoin ETF begins.
EXCHANGE NEWS

As BTC price reaches $48,000, the battle for approval of the first spot Bitcoin ETF begins.

By Crypto FlexsDecember 26, 20233 Mins Read
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As BTC price reaches ,000, the battle for approval of the first spot Bitcoin ETF begins.
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The race among major asset managers to secure the first SEC approval for a spot Bitcoin exchange-traded fund (ETF) is heating up. This comes with the price of Bitcoin surging above $43,500 and becoming more profitable for long-term holders.


key point

  • Bitcoin price surged to $43,500, largely due to the filing of a spot Bitcoin ETF that is ramping up its marketing campaign ahead of its potential approval.
  • The SEC could approve the first spot Bitcoin ETF by January 10, 2024, which would be a groundbreaking move to increase mainstream adoption.
  • Nearly half of the family offices surveyed have invested in cryptocurrency assets, and more than a third plan to increase their investments in blockchain and cryptocurrencies.
  • Bitcoin price continues to show an upward trajectory, currently trading around $43,686, with resistance at $43,512 and support at $42,159.
  • Bitcoin held by long-term holders recently hit 14.9 million BTC, hitting a 2023 high, with 90% of current supply remaining profitable, with unrealized profits breaking even.

According to the report, the SEC has until January 10, 2024 to decide on applications for multiple spot Bitcoin ETFs. Competitors such as Fidelity and BlackRock have recently stepped up their marketing efforts, with Bitwise and Hashdex launching large advertising campaigns. The first approval is expected to significantly expand alcohol accessibility.

SEC Chairman Gary Gensler recently expressed a favorable stance on cryptocurrency regulation, raising hope. His scope is also limited by the court ruling that ensured Grayscale’s victory. Approval will increase Bitcoin’s legitimacy and adoption.

This news coincides with Bitcoin’s impressive recovery following a brutal bear market in 2022. Thanks to the fourth quarter rally, BTC recently broke the critical resistance level of $43,000. Now the next target is $44,697 or even $48,000.

It is the improvement in holder profitability that generates profits. Long-term holders now hold 14.9 million BTC, the highest level in 2023, after adding more than 800,000 coins this year. Unrealized profits are above the break-even point and 90% of circulating supply is now green.

If momentum continues, an upcoming positive catalyst, such as the halving in 2024, could spark further upside. Bitcoin’s progress has come despite macro uncertainties and confirmed its status as a mature asset class among institutions.

A recent Grant Thornton survey found that nearly half of family offices have an allocation to cryptocurrency and blockchain assets, with more than a third planning to increase their exposure. This demonstrates wider acceptance of digital assets as a means of portfolio diversification.

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