In a previous article, it was reported that Steven Schoenfield, a former managing director at BlackRock, made a prediction that the U.S. Securities and Exchange Commission (SEC) could approve multiple spot Bitcoin Exchange Traded Funds (ETFs) within the next three to six months. Many users are hopeful that this development could lead to significant price increases for Bitcoin, Ethereum, and XRP.
The report mentioned that the SEC has taken a different approach to ETF applications this time. Instead of outright rejections as seen in the past, the SEC has been seeking comments, which is seen as a positive step in fostering dialogue.
Franklin Templeton, a prominent fund manager with assets worth $1.5 trillion, recently filed for a spot ETF with the SEC. They joined other applicants who followed BlackRock's lead back in June, including Fidelity, Invesco Galaxy, and WisdomTree. These applications, along with a legislative order for the SEC to review Grayscale's application, create a favorable environment that users believe could trigger a bull market for top cryptocurrencies like Bitcoin, Ethereum, and XRP.
Bitcoin experienced a significant price surge in June after BlackRock announced its spot Bitcoin ETF filing, rallying nearly 30%. However, it retraced some of those gains due to regulatory challenges and broader economic factors. Nonetheless, there's optimism in the market due to the potential ETF approvals and positive developments in the crypto industry.
Ethereum followed a similar pattern, joining Bitcoin in the June rally with gains of over 25%, only to later lose those gains. Current market conditions suggest that Ethereum is showing signs of a bullish trend, which users attribute to the expectations of ETF approvals and the upcoming Bitcoin halving event.
XRP, another top cryptocurrency, saw a remarkable 100% spike in its price in a single day following a favorable judgment in the Ripple case against the SEC. Like Bitcoin and Ethereum, its price has also dropped, but users are hopeful that it may benefit from the growing bullish sentiment and experience a positive season following anticipated ETF approvals.
