BTC uptrend as Fidelity plans Bitcoin Spot ETF filing.
Financial giant Fidelity is reportedly preparing to enter the Bitcoin exchange-traded fund (ETF) competition. According to an insider source, the company is in the advanced stages of filing for a spot Bitcoin ETF. If true, this move would make Fidelity the latest issuer to join the race to launch such a product, following BlackRock’s recent ETF proposal. Fidelity’s rumored filing marks the second time the company would venture into Bitcoin ETF territory. The introduction of a spot Bitcoin ETF is seen as a significant moment in the market, offering investors exposure to BTC without managing the asset itself. Fidelity has been a player in the crypto space since 2018, providing institutional custody and trading services, and has been offering fund products to European clients since February 2022. In anticipation of Fidelity’s potential ETF filing, Bitcoin’s price action over the past week adds intrigue to the narrative. BTC has seen an uptrend, with the asset marking a 14.9% increase over the same period, trading at $30,822 at the time of writing.