"Do investors believe BlackRock's words? Afraid of manipulation."
BlackRock, the United States (US) multinational investment firm expects the approval of its application for spot Bitcoin (BTC) ETF to happen on Wednesday this week which is an important moment for the cryptocurrency market to react positively.
Unlike existing ETFs that are based on smart contracts, spot BTC ETFs will trade BTC directly including offering more direct exposure to digital asset price movements.
The development is seen as a bullish signal by crypto enthusiasts as they believe the introduction of spot BTC ETFs could channel billions of dollars into the digital asset sector.
In addition to showing that crypto adoption is on the rise, the SEC's approval of the BTC ETF spot could also encourage more investor confidence and spur further innovation and investment in the digital asset space.
However, a critic named Better Markets has expressed concern and warned that approving spot BTC ETFs could lead to significant regulatory challenges.
On the other hand, BlackRock is also reported to be ready to lay off 3% of its workforce in the next three days, so here it can be seen that a total of 600 staff are at risk of losing their jobs.
But it should be noted that BlackRock has maintained its position as the largest investment management firm in the world with more than $8.59 trillion, therefore the round of layoffs is not at all related to a lack of capital but rather to the performance of affected staff.
Although BlackRock has not made an official layoff, the firm has an earnings report issued on January 12, 2024.
