There may be over 10 financial giants filing to launch a Bitcoin ETF, but according to one analyst, BlackRock’s application may be the one to watch.

In a CNBC video released Monday, Arca Chief Investment Officer Jeff Dorman called BlackRock’s filing “much more important” than the other prospective offerings. To date, other applicants include Fidelity, Digital Currency Group, and most recently Franklin Templeton, which joined the race just last week.

“If Blackrock has an ETF, you know that they are going to win. They have the marketing and distribution to put new people into Bitcoin,” Dorman said.

According to the CNBC, BlackRock, one of the world’s largest asset management firms, has been closely monitoring the cryptocurrency market for some time, even quietly exploring ways to incorporate Bitcoin into its investment strategies. 

This prospective move by BlackRock could signal a major vote of confidence in the cryptocurrency and might encourage other institutional investors to follow suit.

Elsewhere in the video, experts shed light on how a spot Bitcoin ETF could provide traditional investors with a regulated and accessible gateway into the cryptocurrency market. Experts believe that once the SEC approves a Bitcoin ETF, it will likely attract a broad spectrum of investors, from retail traders to institutional players, who have been waiting for a regulated vehicle to enter the crypto space.

Already, Bitcoin Futures ETFs are publicly traded, though these funds notably do not buy or sell Bitcoin on the open market.

Finally, the experts noted Bitcoin’s broader narrative as a decentralized digital currency and store of value, as well as how the upcoming halving, in which the rewards Bitcoin pays out to the miners that secure the protocol will be reduced, could put a positive pressure on its price dynamics.

Taken together, the CNBC report was confident enough to declare a “next bull market” may soon be in store.