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In a historic moment on Wednesday, the SEC approved Spot Bitcoin ETFs after rejecting them for nearly ten years. However, the regulator’s official website crashed soon after the approval was announced.
SEC website crashes amid higher traffic
The much-anticipated approval for spot Bitcoin ETFs was finally announced on Wednesday. However, in a turn of events, the SEC’s official site immediately crumbled under the pressure of a humongous amount of traffic.
The rather scorn-worthy movement garnered attention from everywhere with Bloomberg analyst Eric Balchunas saying “No shocker, the site is down”
SEC highlights the CME futures market’s impact on surveillance
After nearly a decade of rejecting every Bitcoin ETF approval plea that crossed the tables, the SEC finally gave a green signal to ETF trading today. The regulator had previously rejected the Bitcoin ETFs stating a “lack of surveillance and risk of manipulation”.
However, this time around, the SEC concluded that any fraud or manipulation that affects spot bitcoin market pricing would probably also affect CME bitcoin futures prices. And since CME futures are currently being effectively regulated, there seems no reason for the SEC to worry about previous concerns now.
“Because the CME’s surveillance can assist in detecting those impacts on CME bitcoin futures prices, the Exchanges’ comprehensive surveillance-sharing agreement with the CME can be reasonably expected to assist in surveilling for fraudulent and manipulative acts and practices in the specific context of the Proposals” SEC added in a statement.
Crypto markets to see a bullish run in the future
With the market rejoicing with the ETF approval, a significant bullish run is anticipated in the future of digital assets.
The trading community is prepared for the consequences of this decision, with the prediction of significant investment inflows. For its ETF alone, Valkyrie Investments anticipates an influx of $200 million to $400 million. All told the market might see inflows of $4 to $5 billion in the first few weeks.
According to VanEck, there will be a $1 billion increase in the first few days, reaching $2.4 billion in a quarter. Galaxy Digital anticipates a $14 billion inflow in the first year, while Bitwise estimates that in five years, the market for spot bitcoin ETFs will grow to approximately $72 billion.
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