Brian Kelly, a regular contributor on CNBC’s Fast Money, explained what Bitcoin’s summer rally is all about.

The Bitcoin price is currently over $8000 and CNBC correspondent Bob Pisani started his interview with the statement that it’s successful due to CBOE’s reapplication of a bitcoin ETF.

Since the SEC usually takes 45 days to make a decision, many is expecting it to be done by August 15. The approval of a cryptocurrency ETF might cause a significant growth of the market, some argue this uncertain event has already been priced in.

However, neither Pisani nor Brian Kelly thinks that SEC is going to approve the first Bitcoin ETF this year.

Brian Kelly, the founder of BKCM, said that long-term positive indicators include institutions getting serious about bitcoin and the arrival of what’s known as “Web 3.0.”

According to him, the higher price will also attract more investors and those who did not like the price in December slowly coming back to the market.