Asset management firm Fidelity is reportedly gearing up to file for a spot bitcoin exchange-traded fund (ETF), following similar filings by BlackRock, WisdomTree, Invesco, VanEck, and Bitwise. This series of applications pushed Bitcoin to a one-year high of over $31,000 on 23 June. Though the US Securities and Exchange Commission (SEC) has historically dismissed applications for spot Bitcoin ETFs over market manipulation fears, there is optimism among market analysts due to recent filings by leading industry players. Market analyst Edward Moya suggested that if the bitcoin ETF is approved, it could lead to increased institutional and high-net-worth retail investment in crypto.