A Fast-Growing $17.7 Trillion Wall Street Crypto Earthquake Is Suddenly Hurtling Toward The Bitcoin And Ethereum Price – Forbes

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Bitcoin BTC , ethereum and crypto prices have been thrust into severe uncertainty in recent months with Binance’s chief executive issuing a “frank” warning over its future.
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The bitcoin price has dropped back after rallying through the first few months of the year, spurring the ethereum price and other major cryptocurrencies higher, as the market braces for a “looming” potential disaster.
Now, despite the bitcoin price printing an ominous “death cross” pattern, Franklin Templeton, an asset manager that looks after $1.5 trillion, has added its weight to a growing groundswell of spot bitcoin exchange-traded fund (ETF) filings—which one SEC insider branded “inevitable.”
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The bitcoin and crypto market has been primed for a $17.7 trillion upheaval that could play havoc … [+] with the bitcoin price and ethereum price.
Franklin Templeton filed with the U.S. Securities and Exchange Commission (SEC) this week for a spot bitcoin ETF, joining a flurry of applications that was kicked off by the world’s largest asset manager BlackRock in June and includes Fidelity, Invesco Galaxy, WisdomTree, who between them manage $17.7 trillion worth of assets.
The Franklin Bitcoin ETF, traded on the Cboe BZX Exchange, would “reflect generally the performance of the price of bitcoin before payment of the fund’s expenses,” according to the filing, joining a growing list of Wall Street giants jostling to be the first to market.
“Franklin Templeton’s move to file for a bitcoin ETF adds new momentum and urgency to the ongoing movement for bitcoin ETF approvals,” Alex Adelman, the chief executive of bitcoin rewards app Lolli, said in emailed comments, adding that “markets are pricing in this development as a powerful show of faith in bitcoin by one of the world’s biggest financial players.”
Last month, a court ruled the SEC was wrong to reject crypto asset manager Grayscale’s proposed conversion of its bitcoin trust to a fully-fledged spot bitcoin ETF, dramatically raising market expectations SEC approval could be imminent. However, in early September, the SEC postponed its decision on most major spot bitcoin ETF filings until October.
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The bitcoin price has climbed of the lows it fell to late last year, helping the ethereum price … [+] rebound along with the rest of the crypto market.
“The filing from the $1.5 trillion asset manager also amplifies Grayscale’s recent victory against the SEC, showing that the decision has only boosted institutional optimism towards bitcoin ETFs,” Adelman said.
Meanwhile, there has also been a rush to get both spot and futures-based ethereum ETFs to market, with expectations rising rapidly that the SEC won’t block a dozen applications currently lodged with the regulator.

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