Bitcoin nears 6-month high

Bitcoin is approaching six-month highs in anticipation of the listing of the first US-based Bitcoin ETFs, which investors hope will boost crypto trading volumes.

If the SEC does not object, then ProShares Bitcoin Strategy ETF Completes the 75-day period since the fund manager submitted the plans. Trading could start on Tuesday.

Other fund managers may list ETF-based Bitcoin futures trading funds in the coming days and weeks. This could lead to a broader investment in digital assets.

The value of the world’s largest cryptocurrency on Friday was $62,944, close to a six-month high and not far from its April high of $64,895.

The news of a host of futures-based ETFs is not new to those who follow the field closely. For many, this is a step forward. But not the change that some feel.

Among the fund managers that have applied to launch bitcoin ETFs in the US are VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds.

Nasdaq has agreed to list the Valkyrie Bitcoin Strategy ETF. Grayscale, the world’s largest cryptocurrency manager, plans to convert its flagship product, Grayscale Bitcoin Trust into a Bitcoin ETF on the spot market.

And after months of hopping between the SEC and potential ETF issuers for Bitcoin futures. It looks like the regulator is ready to give the green light for a few filings. That would open the door to broader access to cryptocurrencies for both individual and institutional investors.

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Bitcoin futures ETF marks a victory

Under the sets of rules used by issuers of ETFs. The SEC does not have to give explicit approval to ETFs. which can be launched at the end of the 75-day period if the US regulator has no objections.

Cryptocurrency investors expect that the approval of the first Bitcoin ETF in the US will lead to an influx of funds from companies and institutions that cannot invest in cryptocurrency at the moment.

Rising global inflation fears have also fueled appetite for bitcoin of limited supply. This is in contrast to the huge amount of currency that central banks have issued in recent years. Monetary authorities print money to stimulate their economies.

A growing number of investors are beginning to believe that inflation may not be temporary. Bitcoin is likely to be chosen as a hedge against inflation.

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