Analysts at financial services firm Cantor Fitzgerald believe the long-awaited Bitcoin (BTC) spot exchange-traded fund (ETF) is moving closer to reality.

The company, known for its prime brokerage and investment banking services, is increasingly confident in approving applications from asset managers seeking to launch a spot ETF for Bitcoin, as reported by Bloomberg News .

The U.S. Securities and Exchange Commission (SEC) has been reluctant to approve a bitcoin spot ETF due to concerns about potential manipulation on offshore spot platforms.

However, Cantor Fitzgerald believes that the market surveillance procedures proposed by the new applicants could address these concerns and prompt the SEC to seek approval.

Firm analysts Josh Siegler and Will Carlson stressed the importance of establishing a “comprehensive oversight sharing agreement with a regulated market of significant size” to appease regulators.

Approval of a spot ETF would have significant near-term implications on the price of bitcoin, according to Cantor Fitzgerald.