Bitcoin (BTC) has started the week in the green, climbing back above $37,000 as investors reacted positively to ARK Invest filing an updated prospectus for its spot BTC ETF.

This re-filing has sparked further enthusiasm from crypto investors, indicating growing confidence in the regulatory acceptance of crypto-related funds.

In related news, the trending presale crypto Bitcoin ETF Token (BTCETF) is generating significant buzz – and is expected to see a bull run when it officially launches.

Growing Institutional Interest Signals Potential Spot Bitcoin ETF Approval

ARK Investment’s persistence in amending and re-filing its application for a spot Bitcoin ETF is the latest sign of growing institutional interest in direct cryptocurrency exposure.

Major financial firms, such as BlackRock, Fidelity, and Galaxy Digital, have filed applications for spot BTC ETFs this year after facing years of rejections by the SEC.

ARK’s continued updates to its prospectus, including enhanced risk disclosures, indicate it is actively working to address the SEC’s concerns.

If approved, these spot Bitcoin ETFs could significantly expand access to Bitcoin for retail and institutional investors.

According to Alex Thorn, head of research at Galaxy Digital, inflows to spot Bitcoin ETFs could reach more than $14 billion in the first year after potential SEC approval.

With major players like ARK and BlackRock pushing for approval, there is optimism that 2023 could finally be the year a spot BTC ETF is given the green light in the US.

Bitcoin Price Trends Upwards Due To Renewed Optimism Around ARK ETF Prospects

Bitcoin’s price has started the week on an upbeat note, benefiting from the positive sentiment caused by ARK’s re-filing.

This continues the momentum seen over the weekend when Bitcoin climbed 4% from Friday to Sunday.

From a technical perspective, Bitcoin is confirming higher highs and higher lows as it trends upwards within an ascending channel on the daily chart.

The Crypto Fear & Greed Index