The Block says Fidelity is next in line to file for a spot bitcoin ETF.
Oanda analyst Edward Moya shares his view on the Fidelity news.
BlackRock also filed for such an exchange-traded fund last week.

Fidelity is in focus on Tuesday following a report that the asset manager was next in line to file for a spot bitcoin ETF.

Analyst reacts to the Fidelity news

The news arrives only days after peer BlackRock filed with the U.S. Securities and Exchange Commission for such an exchange-traded fund (find out more).

Fidelity refused to comment on The Block’s report this morning. But a Senior Market Analyst at Oanda – Edward Moya said:

There’s a lot of optimism here that you’re going to get a bitcoin ETF.

Others that have recently filed for a spot bitcoin ETF include Invesco, WisdomTree, Bitwise, and VanEck. Such filings helped bitcoin hit $31,000 this week for the first time in more than a year.

What a spot bitcoin ETF may mean for crypto

It is noteworthy here that Fidelity had filed for a spot bitcoin ETF in 2021 as well. At the time, it had faced rejection.

But this time could be different considering its peer BlackRock has filed for one as well and BlackRock has a reputation for making such a move only when it’s convinced that it will receive approval, as per Oanda’s Moya.

If that does get done, it could open the door for much more institutional money and probably some high-net-worth retail traders to get back into crypto.

Last week, Fidelity backed crypto exchange EDX Markets went live in the United States. On the downside, though, the U.S. regulator has recently filed lawsuits against both Binance and Coinbase Global Inc.

The post Fidelity may soon file for a spot bitcoin ETF appeared first on CoinJournal.

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Filed under: Bitcoin - @ June 27, 2023 8:56 pm