SEC Approves Ten Spot Bitcoin ETFs Amid High Demand

Despite the approval, SEC Chair Gary Gensler expresses skepticism about the asset class as Bitcoin's market performance remains muted.

The US Securities and Exchange Commission has approved the trading of ten spot bitcoin ETFs, including one from Ark Invest and 21Shares, with trading volumes reflecting a 'pent-up demand' for such products.
21Shares president Ophelia Snyder expects a second wave of activity as the entry of US institutions into the BTC market becomes more mainstream.
A spot bitcoin ETF opens up crypto to various investment professionals who previously could not invest on behalf of clients, with 80% of financial advisers previously unable to buy crypto for clients or unsure if they could.
Despite the approval, SEC Chair Gary Gensler expressed skepticism about the asset class, stating that while the listing and trading of certain spot bitcoin ETP shares were approved, the SEC did not approve or endorse bitcoin.
Bitcoin's market performance was muted following the approval, with the cryptocurrency hovering between $45,000 and $46,000 before dropping 2%.