Bitcoin: Ex-SEC chairman remains optimistic about spot ETF approval

Retail interest in Bitcoin reached an all-time high amidst waning whale interest.has experienced considerable volatility, leaving many traders uncertain about its future price direction. Despite that, Jay Clayton, the former chairman of the U.S. Securities and Exchange Commission , remained optimistic that a spot Bitcoin exchange-traded fund would ultimately secure approval in the United States.

Clayton acknowledged the possibility of a new rejection based on different grounds but remained uncertain about what those grounds might be. The SEC has recently delayed decisions on spot Bitcoin ETF proposals from companies such as BlackRock, Fidelity, and Invesco, pushing these determinations back to at least mid-October.Retail investors continue to exhibit strong interest in Bitcoin, a trend reflected in Glassnode’s data. The number of addresses holding 0.1 or more Bitcoin has surged to an all-time high of 4,469,208.

Conversely, whale interest in Bitcoin has experienced a significant decline. The number of addresses holding 100 or more Bitcoin has reached a three-month low of 15,972, per Glassnode.This reduction in whale interest could have implications for Bitcoin’s price dynamics in the future.Whales, with their substantial holdings, often have the power to influence the market significantly.

At the time of writing, Bitcoin is trading at $25,937. Its price continued to fluctuate amid the evolving regulatory landscape and market sentiment.

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