A FastGrowing $17.7 Trillion Wall Street Crypto Earthquake Is Suddenly Hurtling Toward The Bitcoin And Ethereum Price

Bitcoin Bitcoin The price of Ethereum and cryptocurrencies has been under significant uncertainty in recent months, with Binance's CEO issuing a "candid" warning about its future.

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Bitcoin prices have fallen after recovering in the early months of the year, sending prices of Ethereum and other major cryptocurrencies soaring as markets brace for a potential floating disaster.

Now, even as Bitcoin prices fall, asset manager Franklin Templeton, who manages $1.5 trillion, has added his influence to the growing wave of exchange-traded fund (ETF) deposits in Bitcoin. — which SEC insiders called “inevitable.”

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Franklin Templeton filed an application for a spot Bitcoin ETF with the US Securities and Exchange Commission (SEC) this week, joining a wave of applications launched by the world's largest asset manager BlackRock in June, including Fidelity, Invesco Galaxy, WisdomTree, which collectively manage $17.7 trillion. dollars in assets.

Franklin's Bitcoin ETF, which trades on the Cboe BZX exchange, "generally reflects Bitcoin price movements before fund expenses are paid," the document said, joining a list of Wall Street giants that are struggling to reach market first.

“Franklin Templeton's decision to propose a Bitcoin ETF adds new momentum and urgency to the ongoing movement to approve a Bitcoin ETF,” Alex Adelman, CEO of Bitcoin rewards app Lolli, said in emailed comments, adding that “the market is taking this into account.” " ..." as a demonstration of strong confidence in Bitcoin from one of the world's largest financial players.

Last month, a court ruled that the Securities and Exchange Commission (SEC) was wrong to reject crypto asset manager Grayscale's proposal to convert its Bitcoin trust into a full-fledged spot Bitcoin ETF, significantly raising market expectations. SEC approval may be imminent. However, in early September, the SEC delayed its decision on most major spot Bitcoin ETF applications until October. Subscribe now to CryptoCodex, the free daily newsletter for

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“The asset manager's $1.5 trillion announcement also reinforces Grayscale's recent victory over the SEC, suggesting the decision only increases institutional optimism about the Bitcoin ETF,” Adelman said.

At the same time, there is a rush to bring spot ETFs and Ethereum futures to market, and expectations are growing that the SEC will not block the dozens of applications currently filed with the regulator.