BlackRock Makes Efforts for Spot Bitcoin ETF as Whales Rejoin the Game

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• As the decision process for the SEC’s spot Bitcoin ETF approval nears its end, companies seeking approval are engaging in meetings with Commission officials.
• The approval of BlackRock’s Bitcoin ETF, given the company’s management of a $9 trillion investment, could mean significant institutional exposure to the crypto ecosystem.
• With its latest meeting on December 19, 2023, BlackRock has met with Commission officials three times within just 7 business days.

Ongoing discussions between BlackRock and the U.S. Securities and Exchange Commission have captured the attention of the crypto community.

Attention on BlackRock’s Bitcoin ETF Effort

As the decision process for the spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) approaches its end, companies seeking approval are engaging in meetings with Commission officials. This is happening in the midst of a rise in Bitcoin (BTC) prices as expectations for the first BTC ETF in the U.S. grow.

Investment manager BlackRock appears particularly eager to engage in discussions. The firm was one of the first to apply for a spot ETF with the SEC in June 2023. The approval of BlackRock’s Bitcoin ETF, given the company’s management of a $9 trillion investment, could mean significant institutional exposure to the crypto ecosystem. Meanwhile, reports indicate that the firm is intensely focused on getting approval. A FOX Business report states:

“Blackrock has made securing SEC approval for its proposed bitcoin ETF a top corporate priority.”

With its latest meeting on December 19, 2023, BlackRock has met with Commission officials three times within just 7 business days. Additionally, Grayscale, on December 19, 2023, met with the SEC regarding the potential conversion of Grayscale Bitcoin Trust (GBTC) into a spot ETF. Fidelity, Valkyrie, WisdomTree, Bitwise, and other companies are also among those racing for ETF approval.

BTC Whales Return

Meanwhile, on-chain data shows that Bitcoin whales reentered their positions on December 20, 2023, potentially acting as a catalyst for Bitcoin reaching the $44,000 level. Data indicates that the stable decline in the number of wallets holding more than 100 BTC over the past two weeks has ended, with a total of 22 whale wallets taking positions. As the Bitcoin price rebounds to $44,270, the question arises whether it will surpass the 16-month high of $44,500 in the coming days.

Previously, QCP Capital released an update suggesting that the approval of the spot BTC ETF could happen in less than three weeks, as reported by COINOTAG. Therefore, ETF approval in January 2024 and the subsequent Bitcoin Halving in the second quarter of 2024 could trigger a significant increase in BTC prices.