Yesterday, August 5th, the crypto community observed short gains for both Bitcoin (BTC) and Ether (ETH) following the new batch of BTC exchange-traded fund (ETF) filings and the successful implementation of ETH’s London hardfork. These developments resulted in BTC to once again step above the $40,000 per token barrier, while ETH inches in closer to the elusive $3,000 mark.
As per the reports, the recent batch of BTC ETF hopefuls was spurred by the latest comments by Gary Gensler, the US Securities and Exchange Commission (SEC) Chairman, regarding the current state of the crypto market. Many point out to Gesler’s previous hint that he sees cryptos as viable catalysts for change as the needed spark for the regulating agency to finally greenlight even one of the now-many ETF proposals. Notably, the US SEC hasn’t yet approved any BTC ETF filings.
As several firms are holding to that very prospect, Gensler’s remarks at last Tuesday’s Aspen Security Forum implies that he would only consider the approval of a BTC ETF that is under stringent rules and not those that only aim to provide direct exposure to the crypto. According to Gensler, he is particularly keen to witness the SEC’s review of ETFs exclusive to CME-traded BTC futures. Sadly, that is not what the market desires. Industry experts clearly state that the community wants physical BTC exposure and not BTC futures.
Nevertheless, the recent wave of BTC ETF proposals has once again sparked significant excitement regarding the future of BTC and perhaps the entire crypto space itself. As of press time, the overall crypto market cap sits at about $1.662 trillion, with BTC responsible for approximately 45.6% of it.