A wave of optimism around the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States has ignited bullish price action in the crypto market in recent weeks.
According to many analysts, a spot Bitcoin ETF could spark a demand shock that, coupled with next year's Bitcoin halving event, could spark the new crypto bull market.
"The Grayscale decision ultimately says that you can't allow Bitcoin futures ETFs to trade and then argue that the same situation is not for spot Bitcoin ETFs," said James Seyffart, an analyst at Bloomberg Intelligence.
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