Weekly Recap: More Bitcoin ETFs, Rollup Developments, and More

A host of traditional finance companies followed the Bitcoin ETF trend set by BlackRock earlier this month, giving the market increased confidence. In the rollup world, a flurry of announcements and product launches highlighted the week, with big players Binance, Polygon, and others all shaking up the scene.

Market Turns on Flurry of TradFi Activity

– Sami (@old_samster)

The recent filing by BlackRock for a spot bitcoin ETF has sparked a significant shift in market sentiment within crypto. With their impressive track record of securing ETF approvals from the SEC (575-1), numerous companies such as Valkyrie, Bitwise, WisdomTree, and Invesco have followed suit and filed for their own ETFs.

Eric Balchunas, Senior ETF Analyst for Bloomberg, has estimated the chances of a bitcoin ETF being approved at 50%, largely due to BlackRock's filing. It's only logical for others to follow BlackRock's lead, as no one wants to be left behind if the SEC decides to approve bitcoin ETFs.

In addition to this, there has been other noteworthy activity from TradFi players in the crypto space this week. Deutsche Bank, a prominent $1.4 trillion asset manager, has applied for a license to offer crypto custody services. Furthermore, a new crypto exchange called EDX Markets, backed by Citadel, Fidelity, and Charles Schwab, has launched.

Despite the ongoing regulatory challenges posed by the SEC, this increased participation from Wall Street firms demonstrates their continued interest in the crypto space. As a result, the markets have responded positively, with bitcoin rallying, surpassing $30,000.