Eight years in the making, the United States Securities and Exchange Commission’s (SEC) silent approval of a (BTCThe crypto market was abuzz last week when the ETF (exchange-traded fund) caused a surge in excitement and drove up the cost of the digital currency. new all-time high.

Despite some analysts and industry participants having reservations regarding the nature of the approved product — ProShares Bitcoin Strategy ETF (BITO) and Valkyrie Bitcoin Strategy ETF (BTF) being futures-based rather than tracking Bitcoin’s spot price — the development has been overwhelmingly hailed as a breakthrough moment in crypto history.