Progress on ETFs Drives Soaring Prices for Multiple Tokens

BTC through ETF has been a narrative in the crypto world for over a decade, and this topic has been discussed extensively. The approval of a BTC ETF means that the crypto industry can attract the interest of various investors, especially institutions like family offices, private banks, and hedge funds, as it provides a compliant way to gain exposure to spot Bitcoin globally.

The current means of trading cryptocurrencies are relatively limited. There are significant barriers to entry, from KYC to custody, and regulation, which are preventing the flow of billions of dollars. Therefore, the approval of a

cryptocurrency

ETF is widely seen as positive news for the market.

Two News Pieces Indicate Progress on ETFs

1.BlackRock's Bitcoin Spot ETF has been listed on the Depository Trust & Clearing Corporation (DTCC) in the United States.

Scott Johnsson discovered that BlackRock has obtained a CUSIP number for the preparation of its Bitcoin Spot ETF after reviewing the S-1 amendment submitted by BlackRock. CUSIP stands for Committee on Uniform Securities Identification Procedures, and it is used as a unique identifier for securities in the United States.

In addition, BlackRock's Bitcoin Spot ETF has been listed on the Depository Trust & Clearing Corporation (DTCC) with the ticker symbol IBTC. This is a step in the process of listing the Bitcoin Spot ETF. It's important to note that this action doesn't imply SEC approval for the ETF.

2.U.S. Court Officially Rules in Favor of Grayscale Against the SEC

Grayscale is a U.S.-based digital asset management company that offers a range of closed-end funds covering various digital assets, including GBTC, ETHE, LTCN, and others. In closed-end funds, investors can buy and sell shares of the fund's stock (such as GBTC stock) on the secondary market but cannot directly redeem shares from the fund company or purchase shares directly from the fund company.

In recent years, Grayscale has been seeking to convert several token-based closed-end funds into ETFs, but its applications have been consistently rejected by the SEC.

According to a CoinDesk report, the U.S. District of Columbia Circuit Court of Appeals has made an official ruling on the lawsuit between Grayscale and the SEC. The SEC is required to reconsider Grayscale's application to convert GBTC into a Bitcoin spot ETF. The SEC can now choose to approve Grayscale's application or reject it for other reasons.

In the past two days, with the progress of Bitcoin's spot ETF, several tokens, led by Bitcoin, have experienced significant price increases in the short term.

Which tokens do you think will present investment opportunities if the ETF is approved？ BTC, ETH, XRP, or other tokens？