Tag: ETF

Grayscale’s GBTC Discount to NAV At Narrowest Since July 2021 on ETF Optimism

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Potential Impact of Spot ETF

Popular trader Bitcoin Jack expressed doubt about BTC hitting $42,000, pointing out that the Binance and ETF news failed to significantly alter market dynamics Bitcoin (BTC), the world’s largest digital asset currently trading at $37,704 has experienced significant volatility since its inception. As we look ahead to 2024, investors, enthusiasts, and analysts are beginning to unveil their predictions for the future price of Bitcoin. Binance Woes and BTC ETF Optimism on Bitcoin’s Price The recent regulatory shocker involving a $4.3 billion fine and Changpeng Zhao’s resignation as CEO at Binance…

Spot Bitcoin ETF news driving prices, Chainlink, Meme Moguls, and XRP may benefit

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In recent months, the crypto world has been closely tracking news about spot Bitcoin ETFs. In October, fake news about the Securities and Exchange Commission (SEC) approving a spot Bitcoin ETF sparked a rally in Bitcoin and altcoins.  Based on this, analysts expect Chainlink (LINK), Meme Moguls (MGLS), and XRP to rally from future news about Bitcoin Spot ETFs. Chainlink traders bullish LINK peaked at $16 on Nov. 9, but bears flew back, pressing prices lower.  Despite this, on-chain data indicates that LINK holders are optimistic.  The number of active Chainlink addresses surged…

Grayscale Bitcoin Trust Could See $2.7B of Outflows if ETF Conversion Is Approved: JPMorgan

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“If this $2.7b exits completely the bitcoin space then such an outflow would of course put severe downward pressure on bitcoin prices,” the authors wrote. “If instead most of this $2.7b shift into other bitcoin instruments such as the newly created spot bitcoin ETFs post SEC approval, which is our best guess, then any negative market impact would be more modest.” Original

Grayscale’s Bitcoin ETF Shift May Cause $2.7B Outflow: JPMorgan

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In a new analysis, JPMorgan has raised concerns about the potential outflow of funds following the possible conversion of Grayscale Bitcoin Trust (GBTC) into an ETF. The banking giant estimates that the conversion could prompt investors to withdraw at least $2.7 billion. The Grayscale Bitcoin Trust, a pivotal force in the previous bull market, has seen its discount to Bitcoin’s current market price shrink from -46% at the beginning of the year to -9.77% by November 22, the lowest level since mid-August 2021. Notably, this reduction in discount is important because…

Grayscales Files Updated Spot Bitcoin ETF Application with US SEC after Binance’s Forced Exit

Grayscale officials had previously met with the US SEC representatives to the division of trading and markets to discuss the proposed rule to list and trade GBTC under NYSE Arca. After the United States Department of Treasury purged Binance Holdings Ltd’s operations in the country, the pathway for spot Bitcoin exchange-traded funds (ETFs) was clear. Around the same time, Grayscale Investments, a digital asset management company owned by Digital Currency Group (DCG), was preparing to update its application with the US SEC.  According to a memo from the US SEC,…

Grayscale updates spot Bitcoin ETF application after meeting with SEC

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Crypto asset manager Grayscale recently unveiled an updated version of its spot Bitcoin exchange-traded fund (ETF) following discussions with the US Securities and Exchange Commission (SEC). According to Bloomberg researcher James Seyffart, the updated documentation contains a plan to change GBTC’s ticker to BTC. After carefully reviewing the revised documentation, Seyffart noted that it is unlikely to contain significant changes compared to the previous version. However, the current version has significant changes from the original submission, as he stated:“in this amendment, the shades of gray have changed a lot from…

BlackRock Meets SEC over Spot Bitcoin ETF and Redemption Requirements

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In the filing BlackRock proposed In-kind redemptions could also offer tax efficiency, avoiding the need to sell securities for redemptions, which might trigger capital gains taxes. Representatives from BlackRock and the Nasdaq engaged in discussions with the United States Securities and Exchange Commission (SEC) regarding the proposed rule permitting the listing of a spot Bitcoin (BTC) exchange-traded fund (ETF). A November 20 SEC memo revealed that BlackRock presented a plan outlining the potential use of either an in-kind or in-cash redemption model for its iShares Bitcoin Trust. The SEC’s response…