Do Bitcoin Spot ETFs matter to investors?

In this article, I intend to emphasize the critical role of Bitcoin (BTC) Spot Exchange-Traded Fund (ETF) products within the digital asset industry, contributing to the ongoing discussion and supporting the forthcoming SEC decision.

Recently, Franklin Templeton, a prominent American financial giant managing assets valued at approximately $1.45 trillion, filed for a spot BTC ETF. This development has generated significant excitement in the market, underscoring Bitcoin’s central position in the financial world.Furthermore, BlackRock submitted a similar ETF application just a few weeks ago, signaling a growing trend in the market and the fact that retail investors want to ride the BTC hype train. Indeed, I can argue thar BTC, along with its well-known counterpart, BCH, is poised to potentially become the top two trending assets in the financial realm if bull market starts.

The entire crypto market stands to benefit from this evolution. It is important to note, however, that despite the prevailing enthusiasm, approval for these products in October remains uncertain, with equal chances of approval or rejection. As of the time of writing, Bitcoin is trading at approximately $26,100, reflecting a substantial increase after testing the support level between $24,500 and $24,800 in recent days. This price movement could mark the base of a descending…