Google Data Reveals Surging Interest in Impending Bitcoin Spot ETF Launch

The buzz around the potential introduction of Bitcoin (BTC) into the mainstream financial sector through exchange-traded funds (ETFs) has gained the interest of everyday investors. According to insights from Google Trends, there has been an increased surge in searches related to the “spot Bitcoin ETF” for a five-year window, with the global search volume projected to hit a peak of 100 this week.

Similarly, searches for “Bitcoin ETF” have reached a high of 39, the highest point since the inception of ProShares’ futures-based ETF two years ago when it also touched the 100 mark.

For clarity and a better understanding of the growing interest in Bitcoin ETF, it is worth mentioning that Google Trends provides unfiltered data about search queries and rates them on a scale of 0 to 100, with 100 signifying the highest search interest for a particular term at a given time.

Bitcoin Spot ETFs Could Be Approved Next Year

In the case of the recent data, many people across the globe are surfing the internet to understand the implications of the Bitcoin spot ETF approval and how they can maximize the benefits.

Historically, the value of 100 has often marked significant moments in the bull market for both BTC and Solana’s native token SOL.

Analysts are increasingly optimistic about the possibility of the US Securities and Exchange Commission (SEC) approving a spot ETF in the early months of next year, potentially leading to increased market liquidity.

Commenting on the recent interest in Bitcoin ETFs, FRNT Financial, a Canadian-based crypto platform, said that the Bitcoin ETF has been a consistent topic in the space since the recent surge in ETF applications. It was revealed that:

“The approval of the spot BTC ETF has remained a consistent topic in the crypto space and is often viewed as a key indicator of Bitcoin’s integration into mainstream financial structures.”

Bitcoin Could Hit $56,000 if SEC Approves ETFs

Optimism around spot ETFs gained momentum three months ago after prominent players in traditional financial markets, such as BlackRock and Grayscale Investments, filed with the SEC to offer the products to their customers.

Unlike futures-based ETFs, a spot ETF would directly mirror the price of Bitcoin, involving the acquisition and custody of the crypto asset by the ETF provider. This investment option is tailored for those seeking direct exposure to Bitcoin without having to manage the digital assets themselves.

Recently, Matrixport, a crypto company, predicted that Bitcoin’s price could trade between $42,000 and $56,000 if the BlackRock ETF receives approval. Meanwhile, according to CoinMarketCap data, the crypto asset is currently trading at around $29,883 at press time.

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2023-10-20 15:24