Bitcoin has soared close to $100,000 per coin, driven by optimism around spot BTC exchange-traded funds (ETFs). BlackRock’s backing has supercharged forecasts, with some analysts projecting bitcoin’s valuation to reach $30 trillion. Meanwhile, rumours of a country quietly accumulating bitcoin have added fuel to the fire.

SEC’s Changing Stance on Crypto ETFs

A significant shift in the U.S. Securities and Exchange Commission’s (SEC) stance on crypto ETFs has emerged. Reports suggest the SEC is warming to the idea of approving spot ETFs for cryptocurrencies like Solana, following initial success with BTC and Ethereum ETFs earlier this year. Talks are reportedly “progressing” on applications for Solana ETFs, with optimism growing for approval in 2025.

Market Reactions and Altcoin Rally

As crypto traders anticipate further ETF approvals, alternative coins like XRP, Solana, and Cardano have surged by double digits, propelling the market to a $3.5 trillion valuation. Despite Ethereum gaining its own spot ETF earlier this year, BTC ETFs continue to dominate Wall Street interest.

Political Change Fuels Optimism

The resignation of SEC chair Gary Gensler has amplified expectations of a crypto-friendly regulatory environment under president-elect Donald Trump. Gensler’s successor, likely a Trump appointee, could pave the way for faster approval of crypto-based financial instruments.

While the outlook is bullish, experts caution that regulatory hurdles remain, with past ETF applications facing setbacks. The market now eagerly awaits further SEC decisions that could define the trajectory of crypto in 2025.