Former SEC Chair: Institutional Investors Clearly Want Access to BTC, Approval of Spot Bitcoin ETFs Inevitable

U.S. Securities and Exchange Commission's former chairman Jay Clayton has explained why he believes the approval of a spot bitcoin exchange-traded fund (ETF) is inevitable. “It is clear that bitcoin is something that retail investors want access to, institutional investors want access to,” he stressed.

Timeline of Bitcoin

A recent roundtable at Bitcoin Miami 2023 questioned if bitcoin is as slow and as inefficient as many analysts claim it is. Panelists also found themselves wondering what the role of crypto company Strike was when it came to the future of BTC.

Leading cryptocurrency Bitcoin (CRYPTO: BTC) continues to dominate the headlines with increased optimism that Bitcoin ETFs will soon be appproved by the SEC. The approval of a Bitcoin ETF would come over 10 years after the first fund was filed with the SEC and would come 14 years after the first block of Bitcoin was mined by the anonymous creator of the cryptocurrency.

Could the new bitcoin-based exchange-traded fund (ETF) application submitted by BlackRock really be a gamechanger for the crypto arena? According to some analysts, the answer is a resounding “yes.

The Bitcoin (BTC) price failed to hold on to gains after reaching highs of $28,184 following Grayscale's victory over the United States Securities and Exchange Commission (SEC). The joy was short-lived, as Bitcoin lost all of its gains after the SEC delayed its decision on all seven spot Bitcoin exchange-traded fund (ETF) applications.

In a recent video by renowned cryptocurrency analyst Benjamin Cowen, ominous predictions for Bitcoin performance in September have emerged. Cowen, known for his data-driven approach to cryptocurrency analysis, shared his insights regarding Bitcoin's historical performance in September and its potential trajectory for the current year.

Bitcoin price is under pressure after the U.S. Securities and Exchange Commission delayed its decision on Bitcoin ETFs to October. Top analysts and traders including legendary trader Peter Brandt and popular analysts Michael van de Poppe, CredibleCrypto, and Rekt Capital predicted BTC price to continue correction to $24,800 before a possible recovery.

Historically, September has proved to be the worst period for Bitcoin (BTC), and this time, things look no different. The world's largest cryptocurrency Bitcoin (BTC) has come under strong selling pressure as soon as the U.S. Securities and Exchange Commission (SEC) delayed all seven spot Bitcoin ETF applications.

In the face of the latest market volatility, Bitcoin (CRYPTO: BTC) whales have displayed remarkable resilience, leaving cryptocurrency enthusiasts and investors intrigued by their unfazed behavior. What Happened: Despite the recent tumultuous swings in the cryptocurrency market, Bitcoin whales, often defined as entities holding substantial quantities of digital assets, have made a profound statement with their actions.

A closely followed crypto strategist is doubling down on his call that Bitcoin (BTC) will likely witness a deep corrective move this month. In a new strategy session, analyst Benjamin Cowen tells his 786,000 YouTube subscribers that Bitcoin is likely to post negative returns in September.

Bitcoin enthusiasts might be on edge, especially with prominent crypto analyst Michael van de Poppe raising alarms over the recent market fluctuations. He's highlighted the rocky terrain Bitcoin seems to be treading, especially with its value dipping below crucial benchmarks.