According to Paul Brody, global blockchain leader at Ernst & Young, investors are closely monitoring news about the Bitcoin ETF and there is a significant unmet demand for Bitcoin from institutions.

According to a blockchain executive at professional services firm Ernst & Young (EY),

BTC (bitcoin) is in great demand from institutional investors but needs the approval of a spot BTC exchange-traded fund (ETF) to trigger a purchasing rally.

A lot of institutional demand for Bitcoin has reportedly been waiting years for US regulators to authorise a spot Bitcoin ETF, according to Paul Brody, global blockchain head at EY.

Brody discussed the prospects for cryptocurrency adoption on CNBC's Crypto Decrypted on October 23. 

He claimed that if a BTC ETF is developed, trillions of dollars in institutional capital will enter the Bitcoin market.

None of these other institutional funds, however, can manage this information unless it's an ETF or some type of regulated structure.

If you observe, people who buy Bitcoin do it as an investment. They aren't using it as a method of exchange to pay for it.

Those who require Ethereum as a computing platform for DeFi [decentralised finance] services and business transactions are buying it.

International investors are closely following the U.S. Securities and Exchange Commission's (SEC) crypto regulatory process, 

which has not yet approved a single location, at the time of Brody's remarks.

Grayscale Investments, ARK Investment, BlackRock, and Fidelity are just a few of the companies that have filed multiple Bitcoin ETF product filings with the SEC and are awaiting a response.

Grayscale, which won an SEC case for a spot Bitcoin ETF review in August 2023,

Recently submitted an S-3 form registration statement with the SEC in order to list its Grayscale Bitcoin Trust on the New York Stock Exchange Arca.

According to Eric Balchunas, senior ETF analyst at Bloomberg, the recent update to the spot Bitcoin ETF by ARK Invest and 21Shares is a "good sign" of progress and future approvals.

The ETF expert believes that the revisions to the mid-October 2023 ETF may have been.

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