BTC Continues Uptrend As Fidelity Plans To Submit Bitcoin Spot ETF Filing

Financial market titan Fidelity is reportedly preparing to throw its hat into the Bitcoin exchange-traded fund (ETF) ring. An insider source reveals that the asset management colossus is in the advanced stages of preparing a filing for a spot Bitcoin ETF.

If true, this move would make Fidelity the latest entrant into the burgeoning field of issuers vying to be the first to launch such a product.

This potential development follows BlackRock’s recent ETF proposal. BlackRock’s move, announced on June 15, has ignited a flurry of activity among asset managers eager to introduce their own spot BTC funds. With a filing potentially submitted as early as Tuesday, Fidelity seems set to follow suit.

Fidelity In The Bitcoin ETF Spotlight

Fidelity’s rumored filing marks its second foray into Bitcoin ETF territory. In 2021, the company initially submitted a proposal for a Bitcoin spot exchange-traded fund dubbed the Wise Origin Bitcoin Trust. However, the United States Securities and Exchange Commission (SEC) rejected the filing in early 2022.

Related Reading: BlackRock Inches Closer To Launching Bitcoin ETF: Potential Impact On BTC Price

The introduction of a spot Bitcoin ETF is seen as a pivotal moment in the market, offering investors exposure to BTC without the necessity of handling the asset itself.

Didar Bekbauov Bekbauov, founder and CEO of Bitcoin mining company Xive told NewsBTC the renewed clamor for Bitcoin ETF is hinged on three key factors.

Bekbauov noted:

Firstly, it is the provision for a large number of investors from traditional stock markets to invest in Bitcoin. Secondly, the possibility of a huge amount of capital flow into the ETF which will overflow into Bitcoin which, in turn, will push the price of Bitcoin up. Also, another factor driving the hype is that more people, more investors and large investment companies are considering Bitcoin as a serious investment.

Indeed, Fidelity is a comparable giant in the financial world. Boasting tens of millions of retail brokerage clients and $11 trillion in administrated assets, the company has long been a player in the crypto space.

Since 2018, Fidelity has provided institutional custody and trading services. Moreover, it has been offering fund products to European clients via Fidelity International since February 2022.

BTC Continous Uptrend Fuels Market Optimism

As Fidelity’s potential ETF filing is currently in anticipation, Bitcoin’s price action over the past week adds a layer of intrigue to the narrative. BTC has seen an uptrend, with the asset marking a 14.9% increase over the same period.

At the time of writing, Bitcoin currently trades at $30,822 nearing the $31,000 region. The asset is currently up 0.6% in the last 24 hours with a 24-hour trading volume of $15.9 billion. It is worth noting that the uptrend is in tune with the increased interest from institutional players such as Fidelity and BlackRock.

Particularly, it’s a reflection of growing confidence in the long-term prospects of the digital asset, providing further evidence that BTC is fast becoming a mainstay in the broader investment landscape.

While the imminent filing for a Bitcoin ETF by Fidelity remains unofficial, its potential impact on the financial landscape cannot be overstated.

Not only could it cement Bitcoin’s place in the mainstream investment universe, but it could also underscore the growing recognition and acceptance of cryptocurrency in the world of traditional finance.

Featured image from iStock, Chart from TradingView