After BlackRock surprisingly applied for a spot Bitcoin ETF recently, there was a significant rally in BTC price and the $31,000 level was seen after a long break.
Ark Invest Says BlackRock's Bitcoin Spot ETF Application Is A Turning Point
Investment firm Ark Invest evaluated BlackRock's ETF application in its statement today. In a note shared with investors, the company said that BlackRock's application for a spot Bitcoin ETF could be “an important milestone on the path to institutional adoption of Bitcoin.”
Analysts commented, “BlackRock's decision to apply for a Bitcoin ETF indicates that large institutional investors are optimistic about the long-term future of BTC.”
Ark analyst Yassine Elmandjra further wrote:
“While very similar to previous ETF filings, BlackRock has worked with Nasdaq to differentiate its application with a unique custody-sharing agreement designed to mitigate the risk of market manipulation associated with Bitcoin.
But according to our research, other applicants will be able to exchange their applications with similar agreements at very little cost.”
*Not investment advice.
