While the news that the SEC would approve the spot Bitcoin ETF created a positive atmosphere in the market, BTC rose above $ 30,000 with these news.
However, BTC, which came back to $ 29,500 levels, continues to consolidate at these levels.
At this point, Matrixport evaluated the implications of the SEC's approval of the spot Bitcoin ETF.
As reported by Coindesk, Markus Thielen, head of research at Matrixport, said that the rapid succession approval of Bitcoin ETFs by the SEC is likely to trigger the next rise for BTC.
“The SEC's rapid and consecutive approval of spot Bitcoin ETFs could have a positive impact on the BTC price, bringing bullishness for BTC.
In addition, ETFs can attract retail and institutional capital into the industry. At this point, ETF providers will need to incur significant marketing expenditures to attract this capital.
But as a result, ETFs can bring in $200 million a year for their providers.”
Thielen said at the end of the report that if the SEC needs more time for ETF approval, it could mean a mid-September correction in BTC price.
Thielen also added that this potential correction offers investors an opportunity to buy.
*Not investment advice.