Tag: ETFs

SEC OKs spot BTC ETFs, Bitcoin retests $49k

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This week witnessed a historic development, as U.S. regulators approved all 11 spot BTC ETF filings. Afterward, Bitcoin retested the $49,000 level for the first time in 24 months. Meanwhile, USDC issuer Circle filed to go public in the U.S. Developments around the spot BTC ETF This week, the crypto industry expected a decision from the Securities and Exchange Commission (SEC) on the multiple filings for spot BTC ETF products in the U.S. Several asset managers looking to launch the product filed amendments to include disclosures on fees for the…

Bitcoin tumbled after ETFs launched. What it means for crypto miners

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Investors in bitcoin mining stocks are closely watching the price of the cryptocurrency after the Securities and Exchange Commission’s move to allow spot bitcoin ETFs became a sell-the-news event. After the ETFs received regulatory approval last week, the flagship currency briefly touched $49,000. As the week went on, however, bitcoin wiped out its earlier gains and notched a modest weekly loss of 0.01%. Crypto mining companies are now feeling the squeeze in this latest bitcoin sell-off – and that’s evident in the big week-to-date declines for Marathon Digital and Riot…

Spot Bitcoin ETFs Record Over $800 Million In Net Inflows in Debut Week

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On Wednesday, January 10, the US Securities and Exchange Commission (SEC) finally approved the launch of spot Bitcoin ETFs, representing a remarkable event in US trading history.  So far, market data on these investment funds have confirmed theories of increased institutional demand for Bitcoin, with over $800 million in total net inflows and $3.6 billion in trading volume recorded across the first two days of trading.  Although these inflows are yet to be reflected in BTC’s price, as the premier cryptocurrency dipped by 2% in the last week, the spot Bitcoin…

Shark Tank’s Kevin O’Leary isn’t interested in Bitcoin ETFs

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Kevin O’Leary, renowned investor and star of the TV show “Shark Tank,” has doubts about Bitcoin (BTC) exchange-traded fund (ETF) investments. While spot Bitcoin ETFs are viewed as a milestone for the U.S. crypto industry, O’Leary sees little value in participating in the frenzy. In a recent statement on Fox Business, O’Leary emphasized his position as a long-term Bitcoin holder and expressed skepticism about investing in BTC ETFs. He argued against purchasing ETFs, stating that as a purist and just holding Bitcoin for the long term, he would never buy…

Why spot ETFs may be a game changer for bitcoin

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The Securities and Exchange Commission’s approval of 11 spot bitcoin ETFs this week could be a turning point for cryptocurrency investing. Ark Invest CEO and Chief Investment Officer Cathie Wood is behind one of the new ETFs. Her firm partnered with 21Shares to launch the ARK 21Shares Bitcoin ETF. “We really believe this is an important moment for us to help with the democratization of bitcoin access, giving more people access,” Wood told “ETF Edge” on Monday. The first-ever batch of spot ETFs began trading Thursday. Investor interest in bitcoin…

Spot Bitcoin ETFs show strong performance after approval

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Two days after approval, spot Bitcoin exchange-traded funds (ETFs) are receiving an impressive amount of inflow, according to data from BitMEX Research. The analytics company reported a total net inflow of $532 million for spot Bitcoin ETFs, with BlackRock IBIT leading the pack at $498 million. Fidelity’s FBTC followed at $422 million, and 21 Shares’ ARKB posted a net inflow of $105 million. However, not all funds experienced gains. Grayscale’s GBTC saw a sizeable outflow of $579 million, including a $484 million outflow on the second day alone, as reported…

BlackRock’s Larry Fink points to value in Ethereum ETFs, crypto asset class

Larry Fink, CEO of BlackRock, likened Bitcoin to gold a day after spot BTC ETFs went live but forecasted slim chances for cryptos as currency.  Speaking with CNBC on digital assets, ETFs, and tokenization, BlackRock’s CEO noted that the world’s largest asset manager sees value in spot Ethereum (ETH) ETFs as another crypto-related investment product following the successful launch of identical funds underpinned by Bitcoin (BTC), crypto’s biggest token.  Fink clarified that BlackRock views cryptocurrencies as a prospective asset class, with Bitcoin utility revolving around storing and protecting wealth akin…

Bitcoin ETFs have a key difference from their stock fund counterparts

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The Securities and Exchange Commission pushed for bitcoin ETFs to have a key difference from major stock funds, and that decision’s impact on how the funds trade will only become clear over time. The bitcoin funds that launched on Thursday are using a share redemption process that turns the underlying crypto into cash. Most ETFs primarily use an in-kind redemption process, where the underlying asset does not have to be actually sold. While the rules around share redemption do not directly impact the smaller trades that retail investors do in…

Senator Elizabeth Warren Criticizes SEC’s Approval of Bitcoin ETFs

While Warren has expressed her dissatisfaction with the approval of the 11 BTC ETFs, some lawmakers in the US support the SEC’s decision. In a recent development, US Senator Elizabeth Warren, a key Democratic figure from Massachusetts and a Senate Banking Committee member, has strongly criticized the Securities and Exchange Commission (SEC) for its recent approval of spot Bitcoin exchange-traded funds (ETFs). On January 10, 2024, the SEC authorized 11 asset managers in the US to offer Bitcoin (BTC) spot ETFs for customers in the region. The move marked the…

South Korea’s Financial Regulator Says US Bitcoin ETFs Defy Local Law

Authorities in South Korea have warned local financial institutions from offering spot crypto ETFs following SEC approval in the US. South Korea’s financial regulator, the Financial Services Commission (FSC), has said that the spot Bitcoin ETFs recently approved in the US may contravene the country’s law. In an official statement published on Friday, the regulator sounded a note of warning without providing extensive details: “Domestic securities firms brokering overseas-listed Bitcoin spot ETFs may violate the existing government stance on virtual assets and the Capital Markets Act.” Last month, FSC Chief Kim So-young…