BlackRock and other major players on Wall Street are vying to offer the first Bitcoin ETF on the spot market, with Coinbase as their surveillance-sharing partner and custodian. Despite facing a lawsuit from the SEC over unregistered securities, Coinbase is still considered a legitimate and crucial institution by those competing in the ETF race.

BlackRock, the world's largest asset manager, has appointed two new executives to its Asia team, with Dennis Quah taking on the role of Singapore Wealth head and Mandy Lui becoming head of Greater China Wealth. Quah will focus on building partnerships with insurers, consumer banks, and private banks, while Lui will lead the department from Hong Kong.

Last week, Bitcoin investment products experienced an outflow of $13 million, while smaller cryptocurrencies like Ether and XRP saw inflows. This trend reversal came after several major catalysts for BTC investment, including BlackRock's filing for a BTC exchange traded fund, which spurred a month-long period of rapid inflows.

Bitcoin is currently range-bound, but it is uncertain which direction it will break out. On-chain indicators suggest that investors are holding onto their Bitcoin, similar to market conditions in 2016 and 2019-20. Capriole Investments founder Charles Edwards believes that BlackRock's ETF application could make it easier for institutions to invest in Bitcoin. The charts of the top 10 cryptocurrencies show that Bitcoin may either break below the support of the range or break above the 20-day EMA.

BlackRock's decision to add Amin Nasser, a former oil executive from Saudi Aramco, to its board has been met with criticism from the media. Many are questioning how the socially conscious asset manager can justify appointing someone from the world's largest single emitter of greenhouse gases. Some see this as a reversal of BlackRock's supposed emphasis on ESG standards, while others speculate that it may be a defensive move to appease conservatives who accuse the company of being an enemy of the fossil-fuel industry. This controversy comes at a sensitive time as BlackRock's bid for approval of the first US Bitcoin ETF application is under review.

Charles Edwards, the founder of Capriole Investments, believes that the BlackRock exchange-traded fund (ETF) will greatly benefit Bitcoin. While Bitcoin may be less of a sure bet on shorter timeframes, the overarching narrative of crypto becoming a recognized global asset class remains. Edwards predicts that Bitcoin will continue to steadily rise, but the relative value opportunity is slightly less as a result.

Bitcoin's price has been fluctuating between $29,500 and $32,000 since late June, with investors waiting for a potential upside breakout after multiple institutional spot ETF applications. However, approval of BlackRock's filing for a spot Bitcoin ETF is seen as a long shot by one analyst.

The recent ruling by a US judge that XRP is not a security and the acceptance of BlackRock's bitcoin ETF application by the SEC has caused a 25% surge in XRP's price and increased volatility in digital assets. According to Greg Magadini from Amberdata, regulatory events have a significant impact on prices and movement in the crypto market.

The value of Coinbase Global's stock has increased significantly, despite the unpredictable nature of the cryptocurrency market and the challenge of predicting the company's finances. The recent partnership with BlackRock, who have applied to launch a bitcoin-backed exchange-traded fund with Coinbase as its custodian, has contributed to the rise in value.

Several firms, including BlackRock, Fidelity, Invesco Galaxy, VanEck, and WisdomTree, have submitted notices of proposed rule changes for Bitcoin exchange-traded fund (ETF) applications to the Federal Register, which is a step forward in the SEC's process. The SEC can now choose to accept or reject the applications, extend the time allowed, or open the application for public comment.