Sources: SEC head Gary Gensler said he is ready to approve one or more spot bitcoin ETFs from large financial firms

BestChange
2 min readSep 20, 2023

The BTC dominance index may continue to rise as downside risks increase for many popular crypto-coins. This was reported by Markus Thielen of Matrixport.

Earlier this week, the market share of the major cryptocurrency was again at a level exceeding 50%. For more than 2 years in a row, this figure was around 39–49%.

And last June, against the backdrop of BlackRock’s application to launch a bitcoin-based spot ETF, the cryptocurrency’s dominance jumped to a 26-month high of 52%. A little later, the SEC received similar filings from Invesco, Fidelity Investments, WisdomTree and Valkyrie.

The likelihood of approval for exchange-traded BTC funds has given industry participants hope for a serious influx of funds into the first cryptocurrency. Matrixport’s head of research believes bitcoin is experiencing “potential buying pressure” due to the possible launch of ETFs.

That said, altcoins are under pressure, Thielen reported. Among the threats to the trend, he cited a sell-off of assets of bankrupt FTX, falling revenues of the Ethereum protocol and likely unlockings that would help venture capitalists sell coins.

“This year, BTC peaked in July and ETH peaked in April. All these bids [for ETFs] haven’t really benefited altcoins or even ethereum,” Thielen said.

Macro analyst Noel Acheson believes there is another favorable factor for BTC — the New York Department of Financial Services’ proposed listing rules for cryptocurrency platforms. We are talking about a stricter order of asset placement, while no regulatory problems are expected for bitcoin in this case.

Another piece of information has surfaced online that could prove useful to bitcoin enthusiasts. Anonymous sources claim that SEC chief Gary Gensler has told his friends and advisors that he is ready to approve one or more spot bitcoin ETFs from major players.

“An SEC insider said that Gary Gensler has told friends and advisers that he would like to gracefully get out of his ‘personal Vietnam’ by approving one or more spot bitcoin-ETFs from major fund companies where he hopes to get a job after leaving the agency,” the sources claimed.

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