Will Canny is CoinDesk's finance reporter.
) has gained this week due to increased optimism about the potential approval of multiple spot bitcoin exchange-traded-funds , JPMorgan said in a research report Wednesday.in the Grayscale case brings the approval of the applications closer, the report said. Grayscale is the manager of the Grayscale Bitcoin Trust , the largest cryptocurrency fund in the world.
ETFs are traded on an exchange, like stocks, and track the performance of an underlying asset. They are popular because they allow investors to gain access to cryptocurrencies without having to purchase the underlying digital assets themselves. They are also cheaper to trade. The crypto market is hopeful that the approval of a spot bitcoin ETF will lead to a flood of mainstream money into the sector.
JPMorgan said such a move could be beneficial for investors as it would encourage competition in regards to ETF fees.
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