Cantor Fitzgerald sees spot bitcoin ETF as 'most-important short-term catalyst'

The much-anticipated spot bitcoin exchange-traded fund is on the verge of becoming a reality, according to analysts at the financial services firm Cantor Fitzgerald.

The agency, which has been reluctant to approve such a product because of the fear of manipulation on off-shore spot platforms, could approve new applicants because of the market surveillance procedures they have proposed. The analysts believe a spot ETF approval would be a significant short-term catalyst for bitcoin's price, adding approval would be "a bedrock moment for Bitcoin’s long-term adoption and legitimization."The SEC has rejected several prior proposals, expressing concerns about the lack of information sharing among exchanges to prevent market manipulation. However, BlackRock, which submitted its proposal in June, has an agreement with Coinbase to detect and address market irregularities.

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