As the SEC's pressure on cryptocurrencies increased, the world's largest asset management company BlackRock's application for a spot Bitcoin ETF became the lifeline for the rise in BTC and altcoins.
The ETF frenzy started by BlackRock grew and many companies applied for ETFs.
One of them was Invesco, a global investment management company.
With $1.49 trillion under management, the company has reapplied for a spot Bitcoin exchange-traded fund (ETF).
Invesco first applied for a Bitcoin ETF with Galaxy Digital in 2021. He then also applied for a Bitcoin futures ETF.
However, these applications of Invesco were not accepted. After this refusal, Invesco did not apply for an ETF.
In its latest Bitcoin ETF application, Invesco claimed that the lack of a spot Bitcoin ETF in the US has led investors to riskier alternatives, as did the bankruptcies of platforms such as FTX, Celsius Network, BlockFi, and Voyager Digital.
Apart from Invesco, other prominent names inspired by BlackRock such as iShares, Bitwise, and WisdomTree have also filed for Bitcoin ETFs since last Thursday.
It should be noted that while applications for Bitcoin ETFs have increased recently, the SEC has not approved any spot Bitcoin ETFs to date, with the exception of a few BTC futures ETFs.