The cryptocurrency market in Q4 2023 is eagerly awaiting SEC approval for a Bitcoin Spot ETF. Despite continuous delays and extensions in the decision-making process, investors maintain unwavering confidence in the SEC giving the “green light.” This confidence is most evident in the skyrocketing Google searches for “spot Bitcoin ETF.”
According to Google Trends data, searches for the keyword “Bitcoin ETF” reached a maximum score of 100 two years ago, just before the first ProShares Bitcoin ETF was listed on the New York Stock Exchange on October 19, 2021. Afterward, this keyword experienced a prolonged period of low interest before surging again in recent months.
At its peak this week, the global search volume on Google for “Bitcoin ETF Spot” officially reached 100 after five years. The excitement surrounding the Bitcoin ETF Spot has shifted from institutional investors to retail and traditional investors, signifying a positive signal for the market.
“Approving a BTC ETF that settles in kind has been a long-standing theme in the crypto space and is typically considered a bellwether for the dominant trend in BTC.”
FRNT Financial, a cryptocurrency platform based in Toronto
It’s worth noting that Google Trends provides an unfiltered overview of search queries conducted on the platform, ranging from 0 to 100. This value reflects the level of search interest compared to the highest point on the chart for the selected region and time. Historically, a peak of 100 often coincides with bull markets for cryptocurrencies like Bitcoin and Solana.
Unlike futures-based ETFs, Spot ETFs directly track the price of Bitcoin and are tied to the ETF provider’s purchase and ownership of the cryptocurrency. This structure makes it an attractive option for investors who want exposure to Bitcoin’s price movements without actually owning the cryptocurrency.
The excitement surrounding the potential launch of a Spot ETF has been building for about three months before prominent market players, such as BlackRock, filed applications. This development has shielded Bitcoin from adverse macroeconomic developments, contributing to its superior performance compared to other digital assets like Ethereum (ETH).
As predictions continue to mount, all eyes are on the SEC and the legal context, with the crypto community eagerly awaiting potential approval of the first Bitcoin Spot ETF based in the United States.
Notably, on the evening of October 20th, BTC suddenly surged to $30,200. However, the price quickly corrected to $29,400 at the time of writing. This has left the community somewhat perplexed and questioning, “What is happening?” Prior to this, BTC also surged from $27,000 to near $30,000 shortly after fake news circulated regarding the SEC’s approval of a Bitcoin Spot ETF.