According to data from Google Trends, there has been an increase in searches related to the “Bitcoin Spot ETF” over a five-year period, with global search volume projected to peak at 100 this week.
Many people around the world are surfing the internet to understand the implications of the Bitcoin Spot ETF approval and how they can maximize the benefits. Rumors about the possible introduction of Bitcoin (BTC) into the mainstream financial sector through exchange-traded funds (ETFs) have piqued the interest of regular investors.
Google searches for “Bitcoin ETFs” have reached a high of 39, the highest point since the inception of the ProShares futures-based ETF two years ago, when it also touched the 100-mark. For clarity and better understanding of the growing interest in Bitcoin ETF, Google Trends provides unfiltered data on search queries and scores them on a scale from 0 to 100, where 100 means the highest search interest for a particular term in a given time.
Bitcoin Spot ETFs Could Be Approved Next Year
In the case of recent data, many people around the world are surfing the internet to understand the implications of the approval of the Bitcoin spot ETF and how they can maximize the benefits.
Historically, the value of 100 has often marked significant moments in the bull market for both BTC and Solana’s native SOL token. Analysts are increasingly optimistic about the possibility of the U.S. Securities and Exchange Commission (SEC) approving a spot ETF in the early months of next year, which could lead to greater market liquidity.
Commenting on the recent interest in Bitcoin ETFs, FRNT Financial, a Canada-based crypto platform, said that the Bitcoin ETF has been a consistent theme in the space since the recent surge in ETF filings. It was revealed that “the approval of the BTC spot ETF remains a constant topic in the crypto space and is often considered a key indicator of bitcoin’s integration into main financial structures.”
Bitcoin Could Hit $56,000 If SEC Approves ETFs
Optimism around spot ETFs gained momentum three months ago after prominent players in traditional financial markets, such as BlackRock and Grayscale Investments, filed applications with the SEC to offer the products to their clients.
The applicants’ moves generated optimism among traders, due to speculation that such updates come in response to considerations conveyed by the SEC. Regulators have been reluctant to approve a spot ETF, citing concerns such as market manipulation and insufficient guardrails for investors.
However, the latest amendments suggest that companies are actively seeking to address the SEC’s concerns; while suggesting that the agency could be maintaining an active dialogue with the applicants, rather than taking a closed stance and rejecting proposals outright.
This potential shift in focus could be the result of a US court legal ruling in favor of Grayscale, which forced the SEC to walk back its disapproval of that firm’s Bitcoin ETF and reconsider the proposal.
Unlike futures-based ETFs, a spot ETF would directly reflect the price of Bitcoin, involving the acquisition and custody of the crypto asset by the ETF provider. This investment option is designed for those seeking direct exposure to Bitcoin without having to manage the digital assets themselves.
Recently, Matrixport, a cryptocurrency company, predicted that the price of Bitcoin could trade between $42,000 and $56,000 if BlackRock’s ETF receives approval. Meanwhile, according to data from CoinMarketCap, the crypto asset is currently trading at around $29,883.
By Audy Castaneda
