---
title: "Expectations for spot ETF approval heat up, Bitcoin resumes its upward trend"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/105034142.md"
description: "Bitcoin rebounded, indicating that the U.S. securities regulatory agency may approve the ETF for direct investment in Bitcoin. The price of Bitcoin rose by 2.1%, trading at around $43,000, and other cryptocurrencies also saw some gains. Bitcoin Cash rose by 14%. The founder and CEO of Grayscale Investments resigned as chairman, which may drive institutional demand for the Grayscale Bitcoin Cash Trust. The Grayscale Bitcoin Cash Trust surged by 18% on Tuesday. The market's interest in spot Bitcoin ETFs launched by companies such as BlackRock and Fidelity Investments is still unclear. The U.S. SEC may approve spot Bitcoin ETFs before January 10th."
datetime: "2023-12-27T13:43:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/105034142.md)
  - [en](https://longbridge.com/en/news/105034142.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/105034142.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/105034142.md) | [繁體中文](https://longbridge.com/zh-HK/news/105034142.md)


# Expectations for spot ETF approval heat up, Bitcoin resumes its upward trend

Zhitong App noticed that with the rebound of Bitcoin, people are once again speculating that the US securities regulatory agency will soon approve an ETF that directly invests in Bitcoin. As of the time of writing, Bitcoin has risen by 2.1%, with a trading price of around $43,000, rebounding from Tuesday's decline.

Other major cryptocurrencies have also seen some gains. Bitcoin Cash, one of the early branches of Bitcoin, has risen by 14% as investors flock to investment tools tracking the token.

Grayscale Investments announced on Tuesday that Barry Silbert, the founder and CEO of its parent company Digital Currency Group, has resigned as chairman, and Mark Shifke will take over.

This move comes ahead of the January 10 deadline for the US Securities and Exchange Commission (SEC) to decide whether to approve the first-ever physically-backed Bitcoin ETF. Grayscale is seeking approval to convert its world's largest Bitcoin trust into an ETF.

Hayden Hughes, co-founder of social trading platform Alpha Impact, said, "Silbert's resignation is seen as an overall positive sentiment for Bitcoin demand." "It is also expected that after Silbert's resignation, the SEC may allow other Grayscale products to be listed as ETFs, which will drive institutional demand for Grayscale Bitcoin Cash Trust."

Grayscale Bitcoin Cash Trust surged 18% on Tuesday, with trading volume more than seven times the six-month daily average.

A key question is whether the actual listing of these products will stimulate some profit-taking, based on the saying "buy the rumor, sell the news." In other words, it is still unclear the potential interest of investors in the planned physically-backed Bitcoin ETFs by companies such as BlackRock and Fidelity Investments.

Nic Carte, founding partner of Castle Island Management LLC, said the market is "almost certain" that the US SEC will approve physically-backed Bitcoin ETFs before January 10. He said these funds will expand the base of crypto investors in the medium term, while also indicating the possibility of a "news sell-off event" in a shorter period of time.

Expectations of a decline in US interest rates have also driven Bitcoin's rise this year. This rebound partially offsets the damage caused by the cryptocurrency industry's crash in 2022. The token is still below the record of nearly $69,000 during the COVID-19 pandemic in 2021.

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