Fidelity, the renowned asset management giant, has resubmitted documentation for its Wise Origin Bitcoin Trust, a spot Bitcoin exchange-traded fund (ETF). This move follows similar filings by BlackRock’s iShares unit, Invesco, and WisdomTree, signaling growing interest in spot Bitcoin ETFs. The resubmission by Fidelity, along with positive sentiment from institutional clients, as revealed by a recent Binance survey, highlights the increasing optimism surrounding the future of cryptocurrencies in the coming years. Bitcoin cash (BCH) has also experienced a significant rally, reaching a 14-month high, driven by trading activity on South Korea’s Upbit exchange.
Fidelity, a prominent asset management firm, has resubmitted paperwork for its Wise Origin Bitcoin Trust, a spot Bitcoin ETF, following in the footsteps of BlackRock’s iShares Bitcoin Trust. Fidelity’s initial attempt to launch the Wise Origin Bitcoin Trust was rejected by the U.S. Securities and Exchange Commission (SEC) in 2022. Since BlackRock’s recent filing, other fund companies like Invesco and WisdomTree have followed suit, indicating a growing trend towards spot Bitcoin ETFs.
Bitcoin cash (BCH) has been experiencing a rapid surge in value after Fidelity, Charles Schwab, and Citadel-backed EDX Markets announced their debut on June 20. BCH, one of the four coins available for trading on the exchange, has soared by an additional 30% in the past 24 hours, reaching a 14-month high of $320. CoinDesk data reveals that BCH has accumulated an impressive 183% gain since EDX’s introduction, fueled by heightened trading activity on South Korea’s prominent digital assets exchange, Upbit.
Binance, the world’s largest cryptocurrency exchange by market value, recently conducted a survey between March and May 2023 to gauge institutional clients’ outlook on the future of crypto. The study, carried out by Binance Research and the Binance VIP & Institutional team, involved 208 participants, with nearly a quarter managing assets worth over $100 million. The survey findings indicate that approximately 63.5% of respondents hold a positive view of the cryptocurrency market for the next year, while a remarkable 88% expressed optimism for the next decade. These results illustrate the prevailing confidence in the long-term potential of cryptocurrencies among institutional investors.