{"id":179803,"date":"2023-10-24T06:29:42","date_gmt":"2023-10-24T00:59:42","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=179803"},"modified":"2023-10-24T06:29:42","modified_gmt":"2023-10-24T00:59:42","slug":"bitcoin-etf-to-trigger-massive-demand-from-institutions-ey-says-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-etf-to-trigger-massive-demand-from-institutions-ey-says-crypto-news\/","title":{"rendered":"Bitcoin ETF to trigger massive demand from institutions, EY says – Crypto News"},"content":{"rendered":"
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Bitcoin (BTC<\/a>) is in massive demand from institutional investors but awaits a spot BTC exchange-traded fund (ETF) approval to trigger a buying rally, according to a blockchain executive at the professional services provider Ernst & Young (EY).<\/p>\n

EY\u2019s global blockchain leader Paul Brody believes that Bitcoin faces a lot of pent-up demand from institutions due to United States regulators not approving a spot Bitcoin ETF for years.<\/p>\n

Brody discussed<\/a> the outlook for the cryptocurrency adoption on CNBC\u2019s Crypto Decrypted on Oct. 23, declaring that trillions of dollars in institutional money are waiting to enter Bitcoin once a BTC ETF is approved.<\/p>\n

\u201cBut any of these other institutional funds, they can\u2019t touch this stuff unless it\u2019s an ETF or some other kind of regulatory blessed activity,\u201d EY\u2019s blockchain expert said, adding:<\/p>\n

\u201cIf you look at people who are buying Bitcoin, they are buying it as an asset. They are not buying it as a payment tool. Those who are buying Ethereum, are buying it as a computing platform for business transactions and DeFi [decentralized finance] services.\u201d<\/p><\/blockquote>\n

Brody\u2019s remarks come amid global investors closely watching the crypto regulatory process by the U.S. Securities and Exchange Commission (SEC), which has not approved a single spot Bitcoin ETF so far. A number of companies, including Grayscale Investments, ARK Investment, BlackRock and Fidelity, have filed with the SEC for multiple Bitcoin ETF products and are awaiting a regulatory response.<\/p>\n

Related: <\/em><\/strong>Grayscale files for new spot Bitcoin ETF on NYSE Arca<\/em><\/strong><\/a><\/p>\n

Grayscale, which in August 2023 won an SEC lawsuit for a spot Bitcoin ETF review<\/a>, has recently filed an S-3 form registration statement<\/a> with the SEC to list its Grayscale Bitcoin Trust on the New York Stock Exchange Arca.<\/p>\n

According to Bloomberg senior ETF analyst Eric Balchunas, a recent amendment to the spot Bitcoin ETF by ARK Invest and 21Shares is a \u201cgood sign\u201d of progress and impending approvals. The ETF expert believes that the ETF amendments filed in mid-October 2023 could be in direct response to concerns the SEC<\/a> has asked ETF issuers to address.<\/p>\n

Magazine: <\/em><\/strong>Big Questions: Did the NSA create Bitcoin?<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) is in massive demand from institutional investors but awaits a spot BTC exchange-traded fund (ETF) approval to trigger a buying rally, according to a blockchain executive at the professional services provider Ernst & Young (EY). EY\u2019s global blockchain leader Paul Brody believes that Bitcoin faces a lot of pent-up demand from institutions due […]<\/p>\n","protected":false},"author":2,"featured_media":179804,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-179803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=179803"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179803\/revisions"}],"predecessor-version":[{"id":179806,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179803\/revisions\/179806"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/179804"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=179803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=179803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=179803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}