Another US Asset Management Giant Submits Bitcoin Spot ETF Application, Will the Bullish Trend Continue for BTC?
On September 12th, asset management company Franklin Templeton submitted a Bitcoin spot ETF application to the U.S. Securities and Exchange Commission (SEC). Franklin Templeton is an internationally renowned American investment management company founded in 1947.
The company provides a variety of investment products and services worldwide, including stocks, bonds, money market instruments, and other diversified asset portfolios. It focuses on helping clients achieve long-term investment goals and emphasizes risk management and value investment strategies.
To date, four out of the top 15 largest asset management companies in the United States have applied for BTC spot ETFs, including BlackRock, Fidelity Investments, Invesco Ltd, and Franklin Templeton. Their respective assets under management are $8.5 trillion, $3.7 trillion, $1.4 trillion, and $1.3 trillion, all surpassing the total market capitalization of the entire cryptocurrency market (approximately $1 trillion).
In response to this news, Bitcoin experienced a rebound, rising from a low of $25,000 to a peak of $26,500, up 6%.
Bitcoin Hourly Chart, Source: TradingView.
Simultaneously, the rise of BTC led to a rebound in the entire cryptocurrency market, with the total market capitalization increasing from $1 trillion to $1.04 trillion, ultimately holding above the trillion-dollar mark.
Cryptocurrency Market Capitalization Changes, Source: CoinMarketCap.
Currently, the price of Bitcoin has retraced to around $25,900, forming a pattern of bullish engulfing candlestick after a bearish one. The closing price on September 13th will be crucial. If it can maintain a positive candlestick, it will establish a bullish trend and continue to rebound.
Bitcoin Daily Chart, Source: TradingView.
However, if BTC fails to close with a positive candlestick today, especially if it falls back to $25,000, the rebound trend will be invalidated, and it may even contribute to bearish momentum breaking below that support level.
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