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BTC Whales Gears Up For Mega Bull Run As U.S. Congressmen Backs Spot Bitcoin ETF

According to Glassnode, BTC HODLers ate still holding their BTC supplies with illiquid supply for Bitcoin hitting a record high of 14.52 million ETF

Currently, U.S. Securities and Exchange Commission (SEC) is now comfortable with the BTC Futures ETF. Also, as the demand for spot BTC ETF continues growing.

Furthermore, this is coming from two U.S. Congressmen, Tom Emmer (MN-06) and Darren Soto (FL-09).

Notably, The two Congressmen writes to SEC chairman Gary Gensler requesting the same.

“Today I sent a letter to @GaryGensler with my @blockcaucus co-chair @RepDarrenSoto about Bitcoin ETFs…”
“It doesn’t make sense tha
t bitcoin futures ETFs are allowed to trade…”
“but Bitcoin spot ETFs are not.”

— Tom Emmer (@RepTomEmmer) November 3, 2021

Additionally, In the letter to the SEC, the congressmen explains.

“We question why, if you are comfortable allowing trading in an ETF based on derivatives…”
“contracts, you are not equally or more comfortable allowing trading to commence in…”
“ETFs based on spot Bitcoin. Bitcoin spot ETFs are based directly on the asset, which…”
“inherently provides more protection for investors.”

Gensler, SEC Chair Discusses Issues Around The BTC-linked ETF

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