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CoinTelegraph 'tweet hoax' shows spot ETF is the 'only one game' in crypto market: QCP

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JPMorgan analysts anticipate approval for multiple such products 'within months,' but QCP does not foresee SEC approval for any ETF applications this year.

The CoinTelegraph tweet that falsely indicated US regulators approved a spot exchange-traded fund tied to bitcoin shows the extent to which the launch of such a product is driving activity in the market, trading firm QCP noted in a recent update to counterparties.

BlackRock's application, submitted in June, came as a surprise and added to the list of firms aspiring to launch a similar product. The SEC has been reluctant to approve spot ETFs, expressing concerns about market manipulation in the underlying spot exchanges.Still, a spot ETF tied to bitcoin could soon be a reality, with JPMorgan analysts expecting approval of multiple products "within months.

The firm stated, "Monday's Cointelegraph Spot ETF tweet hoax proves that there's currently only one focal point in the crypto world - the BTC spot ETF." In contrast to JPMorgan, QCP does not anticipate "actual SEC approval for any application or conversion to take place this year."

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