According to a report by the encryption service provider Matrixport, the US Securities and Exchange Commission (SEC) is likely to approve several Bitcoinspot ETFs in succession, which will trigger the next rise of Bitcoin.
The SEC will respond to Grayscale’s GBTC filing and ARK 21Shares’ Bitcoin ETF resubmission.
Regulators are expected to respond to seven other Bitcoin ETF applications during the first week of September.
“Physical Bitcoin ETFs could charge a management fee of 0.7-1%, which could still generate $200 million per year for ETF providers who pay for marketing up front,” the report said.
If the SEC needs more time to assess the utility of monitoring the sharing agreement, then the Bitcoin price may start to correct in mid-September, which is to buy the dip.