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Bitcoin (BTC-USD) is up and over $45K in Monday afternoon trading, after failing to break and hold above that level last week, as would-be spot bitcoin exchange-traded fund issuers filed amended forms for their applications.
The highest-profile token (BTC-USD) climbed 2.9% to $45.3K at 12:32 p.m. ET, bringing its Y/Y gains to about 165%.
Prospective issuers of U.S. ETFs backed by bitcoin (BTC-USD) had until Monday morning to submit any revisions to their pending applications. BlackRock (BLK), ARK 21Shares and VanEck said in separate filings that lower fees have been set for their proposed BTC ETFs.
The Securities and Exchange Commission has until Jan. 10 to make a decision on whether to greenlight what would be the first-ever spot BTC ETF in the U.S. The recent flurry of amended ETF applications appears to be another step towards such a product starting to trade.
“We see this as a watershed moment for normalising Bitcoin participation by institutional money, and we expect approval to drive significant inflows and price upside for BTC,” Standard Chartered analyst Geoff Kendrick wrote in a note. He sees bitcoin (BTC-USD) reaching $100K by the end of 2024, followed by a level closer to $200K by end-2025.
Crypto-focused stocks, meanwhile, changed hands were trading mixed at the time of writing. MicroStrategy (MSTR) slid 5.4%, Core Scientific (OTCPK:CORZQ) slipped 3.1%, Coinbase (COIN) was virtually flat, Marathon Digital (MARA) gained 3.4% and Riot Platforms +2.7%.
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