“The downward sloping structure is backward, which means that traders expect ETH to perform weaker than BTC as time goes by,” Griffin Ardern, volatility trader from crypto asset management firm Blofin, said. “This shows investors are relatively more bullish on BTC’s performance.” Original
Valkyrie is the first spot Bitcoin ETF issuer to leverage two separate crypto custodians for its fund, thanks to its deal with BitGo. BitGo will provide custodial services for Valkyrie’s Bitcoin Fund (BRRR), safekeeping and storing a portion of the underlying Bitcoin (BTC) in the firm’s exchange-traded product. Valkyrie and BitGo reached the agreement on Jan. 17 but only filed with the U.S. Securities and Exchange Commission (SEC) on Feb. 1. The strategy diversifies Valkyrie’s spot BTC ETF by splitting the risk across multiple crypto custodians, reducing single failure points,…
Bitcoin will remain legal tender in El Salvador during president Nayib Bukele’s second term. As Reuters writes, citing vice president Felix Ulloa, Bukele has redoubled efforts to accept cryptocurrency as legal tender in El Salvador. This comment came after the International Monetary Fund (IMF) asked El Salvador to “reconsider” the measure during negotiations for a billion-dollar loan. Ulloa pointed out that El Salvador’s authorities will not abandon Bitcoin (BTC). He said the U.S. Securities and Exchange Commission’s (SEC) recent update to allow spot Bitcoin exchange-traded funds (ETFs) has only strengthened…
The exit comes three weeks after eleven other issuers listed their ETFs on the market on Jan 11. Asset management giant BlackRock’s iShares Bitcoin Trust (IBIT) is leading the race so far with more than $2.6 billion in total flows over 13 days of trading, followed by Fidelity’s Wise Origin Bitcoin Fund. (FBTC) Original
Geoffrey Kendrick of Standard Chartered Bank predicts the SEC’s approval of U.S. Ethereum ETFs by May 23. Starting with initial rejections before granting approval, Standard Chartered foresees parallels for the Ethereum ETF with the SEC’s approach to Bitcoin ETFs. Geoffrey Kendrick, who leads the bank’s forex and digital assets research, believes Ethereum ETFs in the U.S. will get the green light in late May. Kendrick compares this situation to what happened with Bitcoin ETFs and thinks Ethereum’s price (ETH) may reach $4,000 by that date due to hype. Kendrick’s confidence…
A multinational asset management giant has reportedly submitted the first application for a spot Bitcoin (BTC) exchange-traded fund (ETF) in Hong Kong. Harvest Fund Management applied to the Securities and Futures Commission (SFC) of Hong Kong, according to a recent report from the Chinese media outlet Tencent News. Tencent also reports that the regulator hopes to speed up the approval process and have the ETF listed on the Hong Kong Stock Exchange in the next couple of months. The SFC published spot crypto ETF requirements in December. According to the…
Invesco and Galaxy Digital have announced fee reductions for their spot Bitcoin (BTC) ETF (BTCO). According to filings with the U.S. Securities and Exchange Commission, the fee is reduced by 14 basis points, from 0.39% to 0.25%. Invesco and Galaxy Digital note that their product exempts clients from commissions for the first six months on assets of up to $5 billion. At the same time, the companies retain the right to extend preferential conditions for investors. The updated rate will improve the position of the Invesco and Galaxy Digital cryptocurrency…
Following the recent approval of spot Bitcoin ETF (Exchange-Traded Funds) in the US and guidelines from Hong Kong’s Securities and Futures Commission (SFC) published in December of 2023, there has been increasing speculation about the launch of a spot Bitcoin ETF in Hong Kong this year. In a recent development, the first spot Bitcoin ETF application has been filed to the SFC for approval. Chinese Financial Giant Takes The Lead Earlier this month, Venture Smart Financial Holdings Ltd. (VSFG) expressed its plans to apply for a spot Bitcoin ETF with…
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BlackRock and VanEck have started advertising campaigns for its spot Bitcoin ETFs on Google, as its previously announced ad policy update took place today. For the first time in five years, Google has opened its extensive advertising network to specific crypto-related offerings, notably the newly introduced spot Bitcoin ETFs. This marks a notable change from the company’s stance in March 2018, when it, alongside Facebook, banned cryptocurrency-related advertisements. The ban was widely interpreted as a precaution against the increasing number of scams associated with the crypto sector. Bitcoin ETF ads…