On 8 September, the Wikipedia page dedicated to Bitcoin recorded a total of 7,830 views, marking the peak in daily views for 2023.
This increase could be associated with the likelihood of an upcoming launch of a Bitcoin-based ETF, prompting people to seek information about the prestigious crypto to better understand its context.
Let’s take a look at all the details below.
7,830 views: the 2023 high on Bitcoin Wikipedia page
As anticipated, the Wikipedia page has recently experienced a significant increase in daily traffic as far as Bitcoin-related searches are concerned. On 8 September, specifically, this page marked an extraordinary peak with as many as 7,830 views, representing the highest in 2023.
The growing interest seems to be related to the anticipation of the possible launch of a Bitcoin-based ETF. This has prompted many people to explore the intricacies of this popular cryptocurrency, as noted by The Block Pro.
This growing interest in Bitcoin and the prospects for an ETF will be the focus of discussions at Benzinga’s Future of Digital Assets conference, scheduled for 14 November. During the event, the changing dynamics in the world of digital assets will be examined in detail, with a special focus on the Bitcoin ETF.
Meanwhile, on 10 September, spot cryptocurrency volumes dropped significantly to $9.01 billion. This is interesting as it represents the first time volumes have fallen below the $10 billion mark since November 2020.
Notably, Binance, one of the leading cryptocurrency exchange platforms, experienced the sharpest decline, especially after the conclusion of its zero-commission BTC spot trading promotion.
Franklin Templeton applies for Bitcoin ETF
Franklin Templeton, a leading financial institution, recently submitted its application to offer a spot Bitcoin ETF, becoming the 12th asset manager to do so.
Specifically, the manager lines up with the likes of BlackRock, ARK Invest, Grayscale and WisdomTree.
With a portfolio of assets under management exceeding $1.4 trillion, Templeton aims to offer institutional investors the opportunity to invest directly in Bitcoin, the leading cryptocurrency.
The “Franklin Bitcoin ETF” (whose ticker has yet to be assigned) will be listed and traded on the Cboe BZX Exchange, if the application is approved.
Coinbase, one of the leading cryptocurrency platforms in the United States, will play the role of custodian of the fund’s Bitcoin holdings, following the trend of other applicants.
However, Templeton’s application still has to go through a bureaucratic process at the SEC, which must first officially register the application before proceeding with the review.
This review process includes a 240-day window within which the SEC must make a decision on whether to approve or deny the application.
Most applicants have already passed the initial 45-day deadline, but the Commission has chosen to delay decisions on ETF applications from several managers, including BlackRock, WisdomTree, Invesco, Fidelity, Valkyrie, VanEck, and Bitwise.
The next deadline for an SEC decision is 16 October, when Bitwise‘s application will be considered, although the Commission may choose to delay the decision further.
Gary Gensler on the Senate floor: crypto regulation and the challenges of spot ETFs
On 12 September, Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), appeared before the Senate Banking Committee, where he answered a series of questions ranging from topics such as artificial intelligence to enforcement actions aimed at the cryptocurrency industry.
During his statement, Gensler stood firm, saying that the US SEC should continue to closely monitor the cryptocurrency market, but avoided providing a direct answer to a specific question regarding the approval of exchange-traded funds (ETFs) for cryptocurrencies.
When Senator Hagerty asked him what criteria the SEC should follow in evaluating a cryptocurrency ETF, Gensler simply stated that they are currently reviewing several documents related to cryptocurrency ETFs, as well as those regarding Grayscale, and that they are awaiting recommendations from the Commission staff.
Senior ETF analyst at Bloomberg, Eric Balchunas, noted that this response seems to indicate a lack of clarity, as if Gensler is trying to avoid taking a definitive position.
Balchunas also pointed out that Gensler mentioned numerous documents unrelated to Grayscale, without providing many concrete answers to the question posed.
This news comes just seven days after Grayscale’s lawyers wrote a letter to the SEC requesting a meeting with the securities regulator.
The letter pointed out that the SEC’s review of the application submitted by Grayscale had taken three times longer than the normal procedure under the securities law.