• 13 spot Bitcoin ETF proposals have been submitted so far in 2023.
• Beyond ETFs, there is also some excitement around Bitcoin NFTs.

In 2023, Bitcoin saw significant developments that provided a glimpse into what awaits it in 2024. The number of ETF proposals submitted during the year and BTC’s corresponding reactions offered valuable insights.

It showed the potential influence of institutional investment on its price movements. Additionally, the increasing popularity of Ordinals Inscriptions underscored the network’s additional utility and significance.

What a spot Bitcoin ETF is

A spot Bitcoin exchange-traded fund (ETF) is an investment tool that enables regular investors to gain exposure to Bitcoin price movements within their standard brokerage accounts.

Unlike BTC Futures ETFs, a spot BTC ETF directly invests in BTC as the underlying asset rather than using derivative contracts based on their prices. The initial application for a U.S. Bitcoin ETF was submitted in 2013, but gained increased attention in 2023.

However, until now, the U.S. Securities and Exchange Commission (SEC) is yet to approve any proposal. Despite the SEC’s apparent firm position, there are indications that approvals may be on the horizon.

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Author: Adewale Olarinde

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