Israel to acquire first mutual fund tracking BlackRock Bitcoin ETF

Israel is preparing to welcome six Bitcoin (BTC) complementary currencies. This announcement comes a week after the Israel Securities Authority (ISA) gave final approval for the products. It also comes close to a year after the Securities and Exchange Commission (SEC) greenlighted spot Bitcoin ETF products in the United States.

Israeli Bitcoin Fund Discussion, Key Details

These new Israeli products will track the price of BTC and are expected to start working from December 31st.

It should be noted, the regulator ordered that the six Bitcoin mutual funds begin trading on the same day. According to Isreali newspaper Calcalist, Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav and IBI will provide the money.

The management fees for the fund fall within the range of 1.5% to 0.25%. Out of the six, one specific fund will be actively managed, with the goal of outperforming Bitcoin. One of the funds directly tracks the BlackRock Bitcoin ETF, providing direct exposure to the US-focused product.

For starters, the money moves only once a day. On the other hand, commodity futures trade continuously. Judging by how much the United States has benefited from the first spot crypto ETFs, Israel may be entering a new phase of digital growth.

In a few months, the US, spot Bitcoin ETFs received more than $ 35.6 billion of investors' money. However, by the second week of December, the total number of assets under management (AUM) for Bitcoin ETF products exceeded $100 billion.

At this point, market analysts have begun to predict that these products could overtake Gold ETFs by the end of the year. The Ethereum group isn't doing bad either as BlackRock ETHA records ten consecutive days of inflows in mid-December collecting over $1.3 billion.

The growth of Ethereum ETF has led crypto analysts to predict that the price of ETH could reach $15,000 within the next 6 to 8 months.

BTC Price Forecast

Meanwhile, Bitcoin is currently trading at $98,583.53 after registering a 2.13% increase in the last 24 hours.

This price level is still a drop from its all-time high (ATH) of around $108,000. Since it reached this point before, hope for further growth filled the ecosystem. In an earlier Bitcoin price analysis, market experts like Matrixport teased a possible rally to $160,000 in 2025

From its current level, the coin would need to register more than a 50% increase to achieve this price mark. While many adhere to this optimistic projection, critics like Peter Schiff see the bottom falling very quickly.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about the real-world uses of blockchain technology and innovations for the widespread adoption and worldwide integration of the technology that come up His desire to educate people about cryptocurrencies inspires his contributions to popular blockchain-based media and sites. Benjamin Godfrey loves sports and farming.

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Disclaimer: The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.