The hopes for a spot in Bitcoin Exchange Traded Funds (ETF) in the United States were recently given a boost after the United States Court of Appeals for the D.C. Circuit ruled in favor of Grayscale Investment and against the SEC. According to a prediction issued by JPMorgan analysts, the United States Securities and Exchanges Commission will be forced to approve a spot Bitcoin ETF. The SEC said last Thursday that it would delay the decisions on spot Bitcoin ETFs from various firms until at least mid-October. Although the SEC is likely to appeal during the 45-day window, JPMorgan analysts think the move is much more unlikely due to a lack of merits. As a result, JPMorgan analysts think the SEC is likely to approve multiple applications at once rather than granting a first-mover advantage to any single applicant.The approval of a spot Bitcoin ETF could coincide with the fourth halving event next year, which could significantly catalyze the crypto bullish sentiment. Moreover, experts believe a lot of money from institutional investors is lying on the sidelines awaiting the approval of the spot Bitcoin ETF. Every spot Bitcoin ETF issued is backed by an on-chain and verifiable Bitcoin asset, allowing institutional investors to get direct exposure to digital assets with enhanced liquidity.Currently, the total crypto market capitalization is about $1.08 trillion with the total value locked (TVL) at around $37 billion. The approval of a spot Bitcoin ETF could see more players enter the crypto market around the world. Moreover, the acceptance of digital assets by the United States through the judicial system will significantly impact its allies. Several other jurisdictions including Canada, Australia, and Brazil have already approved Bitcoin ETFs, and the more Bitcoin ETFs are approved, the more Bitcoins are removed from circulation thus fueling the demand vs. supply crisis.

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Information	Details
Geography	North America
Countries	🇺🇸 🇨🇦 🇦🇺 🇧🇷
Sentiment	neutral
Relevance Score	8
People	Matt Hougan, Nikolaos Panigirtzoglou
Companies	JPMorgan, Grayscale Investments, Invesco, Fidelity, BlackRock, United States Securities and Exchanges Commission
Currencies	US Dollar, British Pound, Euro, Ethereum, Bitcoin
Securities	None