The Securities and Exchange Commission (SEC) has approved New York Stock Exchange (NYSE) options trading on Spot Bitcoin ETFs. The Spot BTC ETF market has reignited in the past month, with bitcoin ETFs seeing net inflows of more than $2.1 billion in the last five trading days. The move, filed today, will allow more access to the Bitcoin funds, with trading now possible on the NYSE.
The NYSE filed for Bitcoin ETF options on August 14 this past summer, looking to add the crypto funds to its offerings. The SEC has taken its time before approving, as the regulator is tied up in multiple crypto cases and situations. The regulator also took its time in approving the launch of Spot Bitcoin ETFs earlier this year, indicating a lack of trust in the crypto asset as a serious means of currency. Now, multiple banks and asset managers have added ETFs to their offerings, and investors on Wall Street can tap into the growing Bitcoin market.
Bitcoin Continues To Surge As SEC Approves NYSE Options
After a bearish summer, Bitcoin has since climbed in value for Q3 2024. In the last month, BTC is up over 13%, and 8% in the past week. Immediately following the news of NYSE options for ETFs, Bitcoin climbed 2%, and will likely boom over the weekend leading up to the first day of option trading on Monday. Following the approval of Spot Bitcoin ETFs, the king coin reached a new all-time high of $73,000 in March of this year. Now trading especially close to that mark again, perhaps the launch of options on the NYSE could spur Bitcoin beyond $70,000 for the first time since the Spring.
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Already in the minutes following the SEC approval, Bitcoin is up 3% in value. The total market cap of all eleven spot bitcoin ETFs now tops $63 billion, with total flows of nearly $20 billion. This value may climb following the opening hours of trading next week.