Bitwise Spot Bitcoin ETF Now Listed on DTCC: A New Milestone

• Bitwise Asset Management Registers Spot Bitcoin ETF on DTCC
• Anticipation for Spot Bitcoin ETF Approval Grows
• Spot Bitcoin ETF Approval Likely, According to Analysts
• Bitwise Forecasts Bitcoin to Reach $80,000 by 2024
• Upcoming Bitcoin Halving Cycle Could Boost Bull Run

Bitwise Asset Management Registers Spot Bitcoin ETF on DTCC

The most recent development in the crypto asset management space is Bitwise Asset Management's listing of their spot Bitcoin$42,260 -0.64% (BTC) Exchange Traded Fund (ETF) on the Depository Trust and Clearing Corporation (DTCC). The ETF is listed under the ticker name $BITB. This could potentially catalyze an increased likelihood for a spot BTC ETF to be approved in the United States. With this move, Bitwise follows in the footsteps of Fidelity, who also listed their spot BTC ETF on the DTCC recently.

Anticipation for Spot Bitcoin ETF Approval Grows

Matt Hougan, Bitwise's Chief Investment Officer, indicated that the team is gearing up as if a launch is imminent, despite the fact that a spot BTC ETF is yet to be approved in the United States. The team is crafting marketing and sales strategies, engaging with press, and actively liaising with regulators to expedite the process. Hougan added that it's standard practice for all such firms to have regular meetings with the Securities and Exchange Commission (SEC).

Spot Bitcoin ETF Approval Likely, According to Analysts

The chase for a spot Bitcoin ETF is intensifying. Bloomberg analysts are tipping the scales in favor of approval, with a 90% chance that the SEC will greenlight a spot BTC ETF by January 10th.

Bitwise Forecasts Bitcoin to Reach $80,000 by 2024

Bitwise has forecasted new milestones for BTC in the near future. Ryan Rasmussen, a senior crypto research analyst at Bitwise Asset Management, predicts a new all-time high for BTC by 2024. Furthermore, he anticipates that the launch of the spot Bitcoin ETF will break records for ETF launches. The most noteworthy forecast is that BTC will reach a valuation of $80,000 by 2024, which would represent a growth of approximately 87% from the current levels.

Upcoming Bitcoin Halving Cycle Could Boost Bull Run

Another significant event on the horizon for the original cryptocurrency is the upcoming halving cycle in April next year. Halving events typically stimulate bullish trends as they cut down the supply of the asset. The combination of a potential spot BTC ETF approval and the halving could set the stage for a renewed bull run in the cryptocurrency market.

Edited by Jonathan Stoker