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Home»Bitcoin»Bitcoin: Ex-SEC chairman remains optimistic about spot ETF approval
Bitcoin

Bitcoin: Ex-SEC chairman remains optimistic about spot ETF approval

2023-09-05No Comments2 Mins Read
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Journalist

Posted: September 5, 2023

  • Former SEC Chairman Jay Clayton remained optimistic about an eventual spot Bitcoin ETF approval.
  • Retail interest in Bitcoin reached an all-time high amidst waning whale interest. 

Over the past month, Bitcoin [BTC] has experienced considerable volatility, leaving many traders uncertain about its future price direction. Despite that, Jay Clayton, the former chairman of the U.S. Securities and Exchange Commission (SEC), remained optimistic that a spot Bitcoin exchange-traded fund (ETF) would ultimately secure approval in the United States.


Read Bitcoin’s [BTC] Price Prediction 2023-2024


Clayton underscored that Bitcoin was not a security and highlighted the growing demand for access to it, both from retail and institutional investors. He asserted that the ongoing division between futures-based and cash-based Bitcoin ETFs could not persist indefinitely.

Is there hope for BTC in the future?

While futures-based Bitcoin ETFs are already present in the U.S., the SEC has yet to greenlight a spot Bitcoin ETF. A recent federal court ruling in the Grayscale vs. SEC case criticized the SEC’s rejection of spot Bitcoin ETFs as “arbitrary and capricious” due to its insufficient justification for treating similar products differently.

Clayton acknowledged the possibility of a new rejection based on different grounds but remained uncertain about what those grounds might be.

The SEC has recently delayed decisions on spot Bitcoin ETF proposals from companies such as BlackRock, Fidelity, and Invesco, pushing these determinations back to at least mid-October.

Retail interest in Bitcoin soars to new highs

Retail investors continue to exhibit strong interest in Bitcoin, a trend reflected in Glassnode’s data. The number of addresses holding 0.1 or more Bitcoin has surged to an all-time high of 4,469,208.

See also  Bitcoin -Walvissen sellers sell: assessment of the chance of a consolidation of $ 72k

Conversely, whale interest in Bitcoin has experienced a significant decline. The number of addresses holding 100 or more Bitcoin has reached a three-month low of 15,972, per Glassnode.

Source: glassnode

This reduction in whale interest could have implications for Bitcoin’s price dynamics in the future.


Is your portfolio green? Check out the BTC Profit Calculator


Whales, with their substantial holdings, often have the power to influence the market significantly. A fall in their participation may lead to greater price stability, but also potentially result in reduced trading volumes.

At the time of writing, Bitcoin is trading at $25,937. Its price continued to fluctuate amid the evolving regulatory landscape and market sentiment.

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Approval Bitcoin Chairman ETF ExSEC Optimistic Remains Spot
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