Bitcoin has topped its previous all-time high, climbing above $112,000 per bitcoin as Tesla billionaire Elon Musk confirms wild bitcoin rumors.
The bitcoin price has surged over the last year, climbing thanks to a perfect storm of U.S. president Donald Trump’s embrace of crypto and Wall Street piling into bitcoin spot exchange-traded funds (ETFs)—with a “huge” BlackRock ETF bombshell suddenly appearing on the horizon.
Now, as traders eye “trillions and trillions” of dollars that some think could be about to flow into bitcoin and crypto, a closely-watched Wall Street analyst has predicted the “floodgates” are about to open for crypto ETFs.
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U.S. president Donald Trump has helped power a bitcoin price boom over the last year, with some … More
The bitcoin and crypto ETF landscape is braced for the U.S. Securities and Exchange Commission (SEC) to approve multiple spot cryptocurrency exchange-traded funds and create a “framework” that would make the approval process for future crypto ETF applications much quicker, according to a report by The Block that cited an anonymous source.
“Then we will see the floodgates open on these other assets, but that’s what I’m waiting for,” Bloomberg Intelligence ETF analyst James Seyffart said on an X Spaces broadcast, adding he expects a draft of the framework could emerge as soon as this month, with implementation possible by September or October.
The SEC, which has pivoted from being hostile to bitcoin and crypto under the Biden administration to pro-crypto under Trump, has issued new guidance this month on disclosure requirements for exchange-traded products tied to cryptocurrencies, described by Reuters as “the first step toward approval of dozens of applications for ETFs linked to everything from solana and XRP to president Donald Trump’s eponymous meme coin.”
“The SEC is moving forward on creating a framework for how they’d like to see all these crypto assets included in investment funds” to address the “explosion” in the number of ETFs now awaiting a regulatory verdict, Sui Chung, chief executive of crypto index provider CF Benchmarks, told the newswire.
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The bitcoin price has doubled over the last year, climbing to an all-time high of just over $112,000 … More
“What we’re seeing is a long-overdue recalibration from speculation to structural adoption as mandates are being rewritten around digital assets,” Ryan Chow, cofounder of bitcoin finance platform Solv Protocol, said in emailed comments.
“Bitcoin’s new all-time high is a signal of growing institutional maturity and global confidence in crypto as an asset class.”
BlackRock, which manages around $10 trillion worth of assets for investors, spearheaded Wall Street’s campaign to bring a long-awaited spot bitcoin ETF to market in 2023, with a fleet of funds debuting in January 2024 that now hold 1.2 million bitcoin worth around $140 billion.
BlackRock’s fund alone holds around 3% of the 21 million bitcoin that will ever exist, worth $77 billion at the current bitcoin price, which some have warned could be giving BlackRock outsized control over the network.
