1. Bitcoin ETF applications are increasing: Over the past few months, there has been a surge in the number of Bitcoin ETF applications submitted to the US Securities and Exchange Commission (SEC). This is due to the growing demand for Bitcoin investment products among institutional investors.
2. ETFs could provide long-lasting support for Bitcoin: If approved, Bitcoin ETFs would allow investors to gain exposure to Bitcoin without having to hold the cryptocurrency directly. This could lead to increased demand for Bitcoin, which could help support its price at the $30,000 level.
3. Approval is not guaranteed: While the increase in Bitcoin ETF applications is a positive sign for the cryptocurrency market, it is important to note that approval is not guaranteed. The SEC has rejected several Bitcoin ETF applications in the past due to concerns over market manipulation and investor protection.
In summary, the surge in Bitcoin ETF applications could provide long-lasting support for Bitcoin at the $30,000 level. However, it is important to remember that approval is not guaranteed and investors should be cautious when investing in cryptocurrency products.