Search interest in ‘spot bitcoin ETF’ hits an all-time high

Search interest in the phrase “spot bitcoin-ETF” reached all-time highs. Data from Google Trends show this.

The dynamics are driven by the latest news in the crypto industry, which significantly increased the odds of the product’s approval. The record highs coincided with the unfulfilled hype around the launch of an exchange-traded fund, as reported by Cointelegraph.

On October 16, crypto media published a post on X about the approval of BlackRock’s spot Bitcoin ETF.

In response to the news, the price of the leading cryptocurrency briefly surged to $30,000, but then fell just as quickly after reports of a hoax.

The US Securities and Exchange Commission (SEC), BlackRock and several other media outlets issued corrections.

Later the same day, Cointelegraph published an article with apologies and an explanation of the situation. According to the publication’s representatives, the social-media post was hastily published without editor approval.

Overall the revival has been characteristic since the summer of this year, when BlackRock sent a filing to the SEC for an investment product based on the first cryptocurrency. Following the financial giant, similar inquiries were submitted by Valkyrie, Fidelity Investments, WisdomTree and Invesco.

Subsequently, new surges occurred in mid-August and early September. In the first instance, the community learned about the launch of the first spot Bitcoin ETF in Europe. At the same time, serious discussion was sparked by comments from former SEC employee John Reed Stark, who excluded such actions from the Commission.

In the second case –the court sided with Grayscale in the caseagainst the regulator regardingthe conversion GBTC into an exchange-traded fund.

JPMorgan analysts drew attention to the absence of an appeal by the agency ofthe court’s ruling. They forecast the approval of spot Bitcoin ETFs by January 10, 2024—the final deadline for the ARK Invest and 21 Co applications.

Earlier, JPMorgan doubted that the product launch would change the playing field for the crypto market given the low interest in it in jurisdictions where it is allowed.

Previously, Matrixport analysts projected growth for digital gold as a result of the instrument’s approval to $42,000-56,000. CryptoQuant teams forecast values to $50,000-73,000.