Tag: ETF

With Bitwise and Grayscale Decisions Looming, Spot Bitcoin ETF Approval Hopes Are Running Low

“It seems that it’s no longer a question of ‘if’ but just a question of ‘when’ the SEC will finally approve a spot ETF,” Bradley Duke, co-CEO of the London-based ETF issuer, ETC Group. “But the current crypto market turbulence, including the fallout from the collapse of UST and Terra Luna and the distress of major crypto finance firms like Celsius and BlockFi, could all contribute to giving the SEC reason to delay further opening the floodgates.” Source

Grayscale Bitcoin Trust’s ‘GBTC Discount’ Narrows With ETF Decision on Horizon

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Grayscale (whose parent company Digital Currency Group also owns CoinDesk) has applied to convert the GBTC into an exchange-traded fund, or ETF. And for months, some traders have been monitoring the discount as a proxy for the likelihood of winning approval. According to the market logic, the GBTC would trade at par with the underlying bitcoin in the fund if the conversion goes forward; in other words, the discount would evaporate. Original

Crickets on day 1… but Proshares short Bitcoin ETF volume up 380% on day 2

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The first short Bitcoin ETF from ProShares got off to a very slow start on its June 21 launch but gathered pace by increasing trading volume 380% on day two. On launch day June 21, the ProShares Bitcoin Short Strategy Exchange-Traded Fund (BITI) traded a lackluster 183,300 shares which ETF analyst at Bloomberg Eric Balchunas noted in a tweet was “less than 1% of the volume $BITO had at this time on Day One.” However the next day’s trading volume jumped nearly four times to 886,200 shares worth about $36.2…

More ‘forced selling’ ahead? Purpose Bitcoin ETF holdings plunge by 51% in biggest outflow ever

Canada’s Purpose Bitcoin ETF (BTCC) witnessed its Bitcoin (BTC) holdings slashed by half in just one day, suggesting an alarmingly waning buying sentiment among the crypto’s most-experienced investors. Purpose Bitcoin ETF has 51% of AUM slashed The fund’s holdings dropped from $47,818 BTC to 23,307 BTC between June 16 and 17, its lowest level since October 2021. The 51% drop in BTC holding is also the biggest daily outflow ever. Purpose Bitcoin ETF holdings. Source: Glassnode Interestingly, another Canadian crypto fund, dubbed 3iQ CoinShares Bitcoin ETF, witnessed similar outflows, dropping from…

ProShares will launch ETF aimed at shorting Bitcoin following dip under $20K

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The firm behind one of the first Bitcoin futures-linked exchange-traded funds in the United States will give investors a new vehicle to bet against the price of the cryptocurrency. In a Monday announcement, exchange-traded fund issuer ProShares said its Short Bitcoin Strategy ETF would be available for trading on the New York Stock Exchange, or NYSE, starting Tuesday under the ticker BITI. The vehicle will allow U.S. investors to bet against Bitcoin (BTC) using futures contracts, given the cryptocurrency’s performance in a single day as measured by the Chicago Mercantile…

Purpose Bitcoin ETF Puked 24.5k BTC on Friday, Leading to the Weekend Low of $17.6k – Arthur Hayes

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Summary: Arthur Hayes has highlighted that the Purpose Bitcoin ETF offloaded 24.5k BTC into the markets on Friday’s close. Bitcoin went on to drop to the local low of $17,600 due to the selling pressure that could have been a run to trigger stop losses. The Bitcoin and crypto markets have since rallied, with BTC trading above $20k. The co-founder and former CEO of Bitmex, Arthur Hayes, has shared an interesting observation regarding what might have caused Bitcoin’s dump below $20k to a local low around the $17,600 price level.…