Invesco Galaxy Bitcoin ETF Listed on DTCC Website
The Invesco Galaxy Bitcoin ETF has made its way onto the Depository Trust and Clearing Corporation (DTCC) website, fueling market optimism for the approval of spot Bitcoin products. The BTCO ETF was recently added to the DTCC website, according to data from web archiver Wayback Machine.
Global asset manager Invesco revived its September 2021 application for a spot Bitcoin ETF in June, following BlackRock’s filing. However, it’s important to note that the DTCC listing does not guarantee approval.
Last month, Bitcoin reached yearly highs after BlackRock’s IBTC ETF appeared on the DTTC website. Since then, Bitcoin has remained steady above $34K.
Spot Bitcoin ETF Approvals Could Bring $650 Billion in Assets
Approval of spot crypto ETFs could lead to a surge in crypto assets under management, reaching up to $650 billion within the next five years, according to research firm Bernstein. This transformation could turn the crypto fund management industry into a sector generating $50 billion in revenues over that period.
Globally renowned crypto investment firm Galaxy Digital predicts that Bitcoin’s price could increase by 74.1% to over $59K within the first year after a US ETF approval. These projections reflect the high market anticipation surrounding this product.
Last month, BlackRock CEO Larry Fink acknowledged the pent-up interest in crypto and emphasized the need for cryptocurrency as expressed by clients worldwide.
Hot Take: Spot Bitcoin ETFs Poised for Market Impact
The listing of Invesco Galaxy Bitcoin ETF on the DTCC website indicates progress towards regulatory approval for spot Bitcoin products. While this development does not guarantee approval, it contributes to market optimism. If spot Bitcoin ETFs receive approval, the crypto market could experience significant growth, with assets under management potentially reaching $650 billion in the next five years. Additionally, Bitcoin’s price is expected to surge after a US ETF approval, further fueling market enthusiasm. The high anticipation surrounding these ETFs highlights the growing interest and demand for cryptocurrency investments.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
