Valkyrie Joins BlackRock In Applying For Bitcoin ETF; SEC Remains Cautious
Undeterred by the United States Securities and Exchange Commission’s (SEC) crackdown on the crypto industry, several traditional financial institutions are entering the digital asset ecosystem. BlackRock, the top asset management and investment firm, made headlines after applying for a spot Bitcoin exchange-traded fund (ETF) approval from the SEC.
Following its application, other top asset managers, such as WisdomTree and Invesco, have followed suit, with Valkyrie Investments being the latest to apply.
Investment Giants Eyes Bitcoin ETF
Earlier this week, Valkyrie Investments announced that it had taken the official step to have its own Bitcoin ETF. According to the announcement, the asset management firm has lodged its application (which it named ‘Valkyrie Bitcoin Fund.’) with the SEC.
The announcement also states that the fund will bear the sticker symbol “BRRR” in the market. By joining other industry giants like BlackRock, WisdomTree, Bitwise, and Invesco, Valkyrie Investments has announced its willingness to explore the crypto asset management and custody service space.
This notable move comes amid the SEC’s cautious stance on Bitcoin exchange-traded funds. However, the company reportedly refrained from issuing further information about its recent application due to the restrictions placed on applicants when filing for an ETF product.
Moreover, Valkyrie’s application marks a significant push in the company’s endeavors to secure regulatory approval for its crypto-based financial products. As a strategic move to capture the interest of crypto enthusiasts, Valkyrie opted for the distinctive ticker symbol “BRRR.”
It is worth noting that the “BRRR” sign has a unique meaning in the crypto community. It is often associated with the sound of a money printer.
The actions of these asset managers suggest the likelihood of fresh capital injection into the digital asset market, which will lead to a rise in the values of Bitcoin and other crypto assets. It would also make the industry more appealing to potential investors.
Thus, this regulatory milestone could reshape the crypto industry and further solidify Bitcoin’s position as a sought-after asset class and an inflation hedge.
Bitcoin Whales Drive Asset’s Price to $30,000
Tracking the flurry of activities on the Bitcoin network, Santiment reported that the network had recorded an impressive tally of 259 transactions, each exceeding $1 million in value. These whale-like transactions occurred almost immediately after the cryptocurrency surpassed the psychologically significant threshold of $30,000.
Furthermore, this surge in high-value transactions suggests a deep excitement among major Bitcoin investors, better known as whales. Significant opportunities are unfolding within the Bitcoin ecosystem, tempting these prominent players to make crucial moves in the market.
According to Santiment, whale activities on the Bitcoin network are at a three-month high. However, the on-chain analytics firm cautioned that there’s a need for additional metrics to show that this move is not just a flash in the pan.
The recent developments regarding Bitcoin ETFs applications, notably the involvement of BlackRock and the potential participation of Fidelity, have stirred up a sense of enthusiasm within the Bitcoin market. The launch of the Wall Street-backed EDX exchange further strengthens this enthusiasm.
These encouraging updates emerge amid the SEC’s increased scrutiny of established players in the crypto industry, notably Coinbase, and Binance. Nevertheless, these developments create an opportunity for broader institutional engagement in the digital asset market.
Moreover, the recent resurgence in Bitcoin has prompted a frenzy among traders, with many bullish about the leading digital asset’s short-term and long-term prospects. Additionally, the spike in interest has been reflected in top crypto exchanges, which continue to record a spike in trading activity.
At the time of writing, there has been an exchange of Bitcoin options contracts worth $3.3 billion. While ByBit recorded a notable milestone with its daily trading volume reaching $246 million, Deribit led the park with an impressive $2.78 billion in trading volume.
This data underscores the growing enthusiasm surrounding Bitcoin and the substantial market activity occurring in response to the renewed hope it brings.
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