Tag: ETF

BlackRock Bitcoin ETF Approval Can Propell BTC Price to These Levels

Analysts expect 10-20% of the Gold ETF money moving into Bitcoin post the BlackRock ETF approval i.e. $12 billion to $14 billion worth of inflows in BTC. The entire crypto community remains excited regarding the approval of the spot Bitcoin ETF, with huge expectations ahead from BlackRock. This is because it would trigger a new source of demand for Bitcoin, leading to a strong price impact for the asset class. “One of the most significant developments in the cryptocurrency space is unfolding, prompting the question: What is the potential size…

GBTC & BITO Witness Historic $1.7B in Trading Volume as BTC Investors Anticipate Bitcoin ETF Approval

In anticipation of this pivotal event, there has been a substantial uptick in trading volume for products launched by ProShares and Grayscale. Activity surrounding Bitcoin investment products, particularly exchange-traded funds (ETFs), has seen a notable increase. This surge is primarily driven by the growing excitement within the market about potential ETF approvals in the United States. Speculation and expert opinions on the potential acceptance of the Grayscale Bitcoin Trust (GBTC) by the SEC have been widespread, especially after the commission chose not to appeal the case before the deadline date.…

Bitcoin Network Sets New Mining Hashrate Record in View of Upcoming Halving and Spot ETF Approval

The Bitcoin network has set a new historic mining hashrate record as the market prepares for next year’s halving. The hashrate for Bitcoin hit a record high on Saturday, cresting at 543 EH/s at 8:00 am GMT. This beat the 525 EH/s recorded on the 7th and 10 of October. The current high puts the Bitcoin network in perspective, especially as the market anticipates the halving event expected in April 2024. Bitcoin’s hashrate is a number that estimates hashes Bitcoin miners generate as they solve computational problems to create blocks.…

VanEck Updates Its Spot Bitcoin ETF Application

The recent uptick in amendments to filings awaiting SEC approval could be a sign of progress in negotiations between asset managers and regulators. Asset manager VanEck amended its application for a spot Bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC) last week. According to the watchdog’s database, the amended filing was submitted on Friday, October 27. The updated filing shows that a seed capital investor purchased Seed Creation Baskets – a block of 50,000 shares of the proposed ETF – in October with the MarketVector Bitcoin Benchmark…

VanEck submits amended Bitcoin ETF application to SEC

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VanEck, the New York-based asset management firm, has submitted an amended application for a spot Bitcoin ETF to the United States SEC. Taking a unique approach that sets it apart from other applicants in the spot Bitcoin ETF market, VanEck submitted revised filings concerning its fund seeding on Oct. 27. Notably, VanEck faced its third rejection from the U.S. SEC on March 10 for its proposal to list and trade shares of its Bitcoin Trust, further stalling its efforts to launch a spot Bitcoin ETF. These rejections are part of…

Gary Gensler’s Bitcoin ETF position is ‘inconsistent’… says Gary Gensler

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Gary Gensler once criticized the United States securities regulator for its “inconsistent” approach to spot Bitcoin (BTC) products, according to a resurfaced video of Gensler from 2019. The video clip, which has recently made the rounds again on social media, shows the pre-SEC Gensler discussing blockchain regulation at the 2019 MIT Bitcoin Expo in a fireside chat with Securities and Exchange Commission (SEC) commissioner Hester Peirce. “Bitcoin futures, and I think Ethereum futures and so forth, will exist and Bitcoin ETFs have not and that feels a little inconsistent to…

VanEck amends application for spot Bitcoin ETF

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Asset manager VanEck filed an amended application for a spot Bitcoin (BTC) exchange-traded fund (ETF) on Oct. 27 with the United States Securities and Exchange Commission (SEC), according to the regulator’s database. The amended filing highlights that a seed capital investor purchased in October the Seed Creation Baskets — a block of 50,000 shares of the proposed ETF — with Bitcoin prices determined by MarketVector Bitcoin Benchmark Rate, an index used as a reference price of the cryptocurrency. According to finance lawyer Scott Johnsson, the filing suggests the fund seeding…

BTC ETF speculation sparks meme coin market surge

This past week saw a diverse set of tokens participating in an upswing, and the meme coin Pepe (PEPE) was the star of the show. In the wake of the recent crypto market turbulence, spurred by speculation about Bitcoin spot ETF acceptance, PEPE has made waves with its announcement of burning more than $5.5 million worth of tokens.  This move led to a significant 30% price hike in a single day, propelling PEPE to its peak in two months. The growth, set against the backdrop of potential Bitcoin spot ETF…

First Bitcoin ETF trades $1.5B as GBTC ‘discount’ echoes $69K BTC price

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Bitcoin (BTC) institutional investment vehicles are seeing a major volume boost as excitement over possible United States regulatory changes takes hold. Data from resources including Bloomberg showed Bitcoin exchange-traded funds (ETFs) and others nearing record weekly inflows. BITO, GBTC trade $2.5 billion  Hints that the U.S. might soon allow a Bitcoin spot price-based ETF have not only impacted BTC price action — the surrounding ecosystem has benefitted in kind. In addition to exchanges and mining firms, embattled institutional investment options are also seeing a resurgence in demand. As noted by…

Roundhill files for Bitcoin Covered Call ETF

Roundhill Financial has submitted a proposal to create a Bitcoin Covered Call ETF in the wake of the anticipated approval of Bitcoin spot ETFs by the SEC. New York-based investment advisor Roundhill Financial has reportedly moved in anticipation of the Securities and Exchange Commission (SEC) approving spot Bitcoin exchange-traded funds (ETFs). It forwarded a proposal to create a Bitcoin Covered Call ETF. According to Eric Balchunas, a senior ETF analyst with Bloomberg, Roundhill’s ETF proposal will be a fusion of a Bitcoin (BTC) futures ETF with additional call and put…