The price of Bitcoin soared 6% overnight, briefly retaking $30,000—a level not seen since earlier this summer, per data from CoinGecko.
Bitcoin's price continues to hover around the $30,000 mark, currently trading hands at just over $29,950, up 5.3% on the day.
The latest uptick comes amid a raft of refilings and amendments from finance's biggest players, as the race for a spot Bitcoin ETF heats up.
A highly anticipated product, a spot Bitcoin ETF is expected to lure in more institutional investors to the world of crypto.
The thinking goes that they would be far more interested in investing in Bitcoin so long as the custodial risks of holding the actual cryptocurrency were mitigated. An ETF would provide this convenience, essentially offering them access akin to stocks and bonds at a broker.
Bitcoin ETF updates
Yesterday, BlackRock made news after it amended its ETF filing. Earlier this week Fidelity also made changes to its filing.
BlackRock's amendment cited the crowded race for approval, writing that “There can be no assurance that the Trust will achieve initial market acceptance and scale due to competition.” It also provided additional details about how the product will be priced via its CF benchmark index.

Bitcoin ETF Could Be Approved in Time for Christmas, Says JP Morgan
JP Morgan analysts said that Wall Street may get a long-awaited Bitcoin exchange-traded fund (ETF) within months. In a Wednesday report, the top investment bank said it was “most likely” that a spot Bitcoin ETF could get approved before January 10. Analysts at Bloomberg Intelligence added said that there is a 90% chance a Bitcoin ETF will get approved in January. An ETF is an investment vehicle that tracks the value of an underlying asset, like gold, foreign currencies, or in this case, crypto...
Fidelity addressed several topics, most notably in the market's intense volatility, especially in the wake of FTX's collapse last year.
“In response to these events [FTX’s collapse], the digital asset markets have experienced extreme price volatility and declines in liquidity, and regulatory and enforcement scrutiny has increased, including from the DOJ, the SEC, the CFTC, the White House and Congress,” the amendment reads.
Grayscale, another key player in the race, has also enjoyed several notable court wins in its bid to convert its Grayscale Bitcoin Trust Fund (GBTC) to a Bitcoin ETF. GBTC has been trading at a double-digit discount to the underlying for some time as the product doesn't offer a redemption function which would let traders arbitrage the difference away.

Bitcoin ETF Could Boost Crypto Market by $1 Trillion, Analysts Say
Bitcoin’s market cap will boom if spot exchange-traded funds (ETFs) get approved next year, according to a new report. CryptoQuant, which provides blockchain data to investors, said in a report this week that it expects Bitcoin’s market cap to reach $900 billion due to the amount of money that would flow into the market from institutions. Bitcoin’s market cap currently stands at $550 billion, according to CoinGecko data. CryptoQuant also said the flood of money into the digital asset world co...
In a move to save the product and establish parity with Bitcoin, the asset manager opted to convert the product to an ETF. Initially blocked by the SEC, a court ruled against the SEC, calling its rejection "arbitrary and capricious."
The SEC does not reportedly plan to file a last-minute appeal to challenge the ruling.
Edited by Stephen Graves