Wed. Jul 17th, 2024

• Economist Alex Krüger believes the BlackRock Bitcoin ETF filing is an easy trade for BTC bulls.
• The top-ranked crypto asset by market cap is up more than 6.5% in the past 24 hours.
• The SEC approved two Bitcoin futures ETFs in October 2021.

BlackRock Files Spot Bitcoin ETF Application

Last Thursday, BlackRock, the largest asset manager in the world, submitted a spot Bitcoin (BTC) exchange-traded fund (ETF) application to the U.S. Securities and Exchange Commission (SEC). No Bitcoin spot ETF applications have been approved thus far, despite submissions from Grayscale, VanEck, and Cathie Wood’s ARK Invest. The SEC did greenlight the launch of two Bitcoin futures ETFs in October 2021.

Alex Krüger’s Take On Easy Trade For BTC Bulls

Economist and crypto trader Alex Krüger thinks the BlackRock Bitcoin ETF filing represents one of BTC’s “easiest long entries of the year.” He says it’s “incredible” how many traders ignored the ETF news and tells his 154,000 Twitter followers that he has a “gut feeling” that the SEC will approve BlackRock’s application in 2024.

Price Increase Of Gold After First American ETF Launch

Krüger notes that gold’s price skyrocketed after approval of its first American ETF ( GLD ), clocking a 318% increase in seven years. Bear in mind though that according to him, main drivers of gold at the time were monetary policy and inflation expectations; with the ETF simply enabling these flows.

Current Price Of Bitcoin At Time Of Writing

Bitcoin is trading at $28,748 at time of writing with an increase of more than 6.5% over 24 hours period .

Conclusion

The article highlights how economist Alex Krüger believes that BlackRock’s bitcoin etf filing provides an easy trade opportunity for BTC bulls as well as providing information on other bitcoin etf applications which have been submitted or approved by SEC like Grayscale ,VanEck and Cathie Woods’ ARK invest .It also mentions how gold prices skyrocketed after it’s first american etf GLD was launched along with current price of bitcoin at time of writing which is $28 748 along with it’s increase over 24 hours period .

By admin