• The Block says Constancy plans to use for a spot Bitcoin ETF subsequent.
• Oanda analyst Edward Moya shares his tackle the Constancy information.
• BlackRock additionally utilized for the same exchange-traded fund final week.

Constancy has been within the highlight on Tuesday following stories that the asset supervisor is subsequent making use of for a spot bitcoin ETF.

Analyst reacts to Constancy information

The information comes simply days after fellow agency BlackRock filed for such an exchange-traded fund with the U.S. Securities and Change Fee (extra on that right here).

Constancy declined to touch upon The Block’s report this morning. Nonetheless, Edward Moya, Senior Market Analyst at Oanda, stated:

There may be lots of optimism right here that we are going to get a Bitcoin ETF.

Others which have lately utilized for spot Bitcoin ETFs embody Invesco, WisdomTree, Bitwise and VanEck. Such filings pushed Bitcoin to achieve $31,000 this week for the primary time in over a 12 months.

What a Spot Bitcoin ETF Means for Cryptocurrencies

It is value noting that Constancy has additionally utilized for a Spot Bitcoin ETF in 2021. On the time, it confronted rejection.

Nonetheless, Oanda’s Moya stated fellow firm BlackRock has filed as effectively, contemplating that BlackRock has a status for making such strikes solely whether it is assured it will likely be authorized. , this time may very well be completely different.

If that occurs, it may pave the way in which for extra institutional traders and maybe some excessive web value particular person merchants to return to cryptocurrencies.

Final week, Constancy-backed cryptocurrency change EDX Market went reside in the USA. On the draw back, nonetheless, US regulators lately filed lawsuits towards each Binance and Coinbase World.