Experts from JPMorgan believe that the court decision in Grayscale’s lawsuit against the SEC can bring the final approval of the BTC ETF closer
K33 analysts expressed confidence that regulatory approval of spot BTC ETFs will have a significantly greater impact on the crypto market than people think. According to the company’s senior analyst Vetle Lunde and vice president Anders Helseth, over the past three months the likelihood of approval of applications for the launch of a bitcoin ETF has increased significantly.
But so far, such sentiments are not reflected in the cost of the main digital coin and other crypto assets. Experts noted that against the background of Grayscale’s victory in court against the SEC, the price of BTC increased significantly, but then rolled back to previous levels.
But with the advent of the BTC ETF, the influx of investment in Bitcoin will be “incredible,” which means serious buying pressure. And if the SEC decides to reject applications for Bitcoin ETFs, this will not have a significant impact on the rates of digital currencies.
“I firmly believe that the market is wrong now. After all, there is currently a buyer’s market, and it is simply stupid not to accumulate bitcoins at current levels,” one of the experts noted in the document.
In addition, analysts believe in larger growth of Ethereum rather than Bitcoin. Lunde and Helseth believe that over the next two months, the profit from investing in ETH will be greater than from buying the first cryptocurrency.
And JPMorgan believes that the court decision on the Grayscale lawsuit can bring the final approval of the BTC ETF closer, but it is unlikely to change the rules of the game for participants in the cryptocurrency market. Experts believe that after the verdict, the SEC will be forced to approve several applications to launch the fund. They also emphasized that the court considered the regulator’s refusal “illegal and arbitrary.”