Massive Shift Awaits Bitcoin, Ethereum, XRP As BlackRock Insider Unleashes $17.7 Trillion Revelation

Bitcoin, Ethereum, XRP, and the wider cryptocurrency market face a significant shift as former BlackRock director Steven Schoenfield hints at imminent SEC approval of long-anticipated Bitcoin spot exchange-traded funds (ETFs). This development has attracted the attention of asset managers, who are now diversifying into Ethereum and other cryptocurrencies.

The cryptocurrency market, characterized by notable volatility this year, has been influenced, in part, by decisions from the Federal Reserve. Bitcoin, in particular, has surged by approximately 70% over the past year.

This surge is largely attributed to the actions of BlackRock, one of the largest asset managers in the world, overseeing around $10 trillion in assets. BlackRock’s involvement has brought heightened Wall Street scrutiny to Bitcoin and the broader cryptocurrency sphere.

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Schoenfield’s Bold Forecast

At the CCData Digital Asset Summit held in London, former BlackRock director Steven Schoenfield made a prediction. He suggested that the U.S. Securities and Exchange Commission (SEC) is very close to approving the long-awaited Bitcoin spot exchange-traded fund (ETF). If this approval happens, it will result in a massive influx of funds, approximately $17.7 trillion in assets, flowing into the cryptocurrency market.

The SEC’s Approach

Schoenfield shed light on the SEC’s current approach. He believes the SEC will likely approve all Bitcoin spot ETF applications simultaneously, avoiding preferential treatment for early applicants.

He predicts this approval could happen within a speedy “three to six months.” According to Schoenfield, “Instead of completely rejecting the whole list, they’ve asked for comments, which is a marginal but significant improvement in the dialogue.”

Notably, instead of dismissing several prominent Bitcoin spot ETF applications, the SEC has chosen to delay decisions and invite comments. This shift marks a significant change in the SEC’s stance.

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Another notable development is the proactive stance of U.S. lawmakers who have called upon the SEC to reevaluate an application submitted by Greyscale about converting the Bitcoin trust into a comprehensive Bitcoin spot ETF.

Schoenfield confidently predicts that the shift towards becoming an ETF is highly likely and could be considered inevitable. He states that the SEC would have to allow the conversion because they lost the Grayscale lawsuit.

The Market’s Anticipation

Following the excitement generated by BlackRock’s significant submission for a Bitcoin spot ETF, the cryptocurrency market has transitioned into a phase of eager anticipation. Timo Lehes, co-founder of Swarm Markets, captures this sentiment perfectly, describing it as a collective wait for the SEC’s approval of Bitcoin spot ETFs.

Concurrently, there’s a noticeable trend among smaller asset managers, such as Valkyrie and VanEck, who are expanding their investment horizons beyond Bitcoin.

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