- Bitcoin reached a new all-time high, rising above $112,000 per coin.
- U.S. President Donald Trump and major Wall Street players have driven recent gains.
- The U.S. Securities and Exchange Commission (SEC) may soon approve multiple new crypto exchange-traded funds (ETFs).
- A new SEC framework could speed up future ETF approvals, leading to significant institutional investment.
- BlackRock and other funds now hold large amounts of bitcoin, increasing market influence.
The price of bitcoin climbed to a new record high, surpassing $112,000 per coin amid confirmation of recent rumors by Tesla CEO Elon Musk. The surge comes as the crypto market benefits from growing support by U.S. president Donald Trump and increasing investment from Wall Street, led by institutional interest in bitcoin spot exchange-traded funds (ETFs).
Recent developments highlight a potential shift in the regulatory environment for crypto investments in the United States. According to The Block in a report, the U.S. Securities and Exchange Commission (SEC) is preparing to approve several spot cryptocurrency ETFs and introduce a new framework for faster ETF approvals. Wall Street analyst James Seyffart, from Bloomberg Intelligence, stated in an X Spaces broadcast that he expects a draft of the framework could appear as soon as this month, with implementation likely by September or October.
The SEC, which has shifted from a cautious stance during the Biden administration to a more crypto-friendly posture under Trump, issued new guidance about disclosure requirements for exchange-traded products tied to cryptocurrencies. As reported by Reuters, this represents the first step toward the approval of multiple applications for ETFs linked to assets such as Solana, XRP, and even a meme coin associated with President Trump.
Sui Chung, the CEO of crypto index provider CF Benchmarks, said the SEC is working on a structure to manage the growing number of ETF applications. “The SEC is moving forward on creating a framework for how they’d like to see all these crypto assets included in investment funds,” Chung told Reuters, referring to the recent explosion in ETF submissions.
Industry experts see the latest bitcoin high as a sign of maturity and confidence in digital assets. “Bitcoin’s new all-time high is a signal of growing institutional maturity and global confidence in crypto as an asset class,” said Ryan Chow, cofounder of Solv Protocol.
BlackRock, the world’s largest asset manager, led Wall Street efforts to launch spot bitcoin ETFs in 2023. By mid-2024, ETFs held roughly 1.2 million bitcoin, valued around $140 billion. BlackRock’s fund alone holds about 3% of all bitcoin that will ever exist—about $77 billion at current prices. This concentration has prompted some market watchers to raise concerns about the potential influence of large asset managers on the broader bitcoin network.
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