Analysis News TheBitTimes.com

BlackRock’s spot Bitcoin ETF (exchange-traded fund) surpassed Berkshire Hathaway, Netflix, and Visa in trading volume yesterday after Donald Trump’s US election victory triggered a buying frenzy. Bloomberg ETF analyst Eric Balchunas said in a Nov. 6 post on X that the fund witnessed its “biggest volume day ever” after trading activity soared to $4.1 billion on Nov. 6. The price of the investment product “was also up 10%, its second-best day since launching, “ he added.  BlackRock’s Bitcoin ETF Not The Only Fund To Record A Volume Surge BlackRock’s spot Bitcoin ETF was not the only US investment product of its kind to experience one of its best days. Most of the other funds did two times their average trade volumes as well, according to Balchunas. The surge in spot Bitcoin ETF volumes followed shortly after BTC recorded a new all-time high of $76,460.15 during yesterday’s trading session. It has since dropped a little ov...

After years of waiting, the Securities and Exchange Commission (SEC) made a cryptocurrency market splash in January 2024, first with a fake announcement resulting from a hack and then with the genuine approval of a string of spot Bitcoin (BTC) exchange-traded funds (ETFs). Investors seeking to gain exposure to BTC without engaging directly with the world of digital assets were suddenly flooded with options, with each major issuer attempting to entice traders with competitive fee structures.  The approach has so far proven successful, with $188 million flooding into BTC ETFs on Thursday, October 24 alone. Picks for you Insider trading? Trader buys memecoins 'in the same second' of Binance listings 2 hours ago AI sets XRP price...

Jersey City Mayor Steven Fulop has announced a plan to allocate a percentage of the city’s pension fund to buy Bitcoin ETF s. In a post to X, the mayor shared his support for the crypto industry, Bitcoin in particular. “The question on whether Crypto/Bitcoin is here to stay is largely over + crypto/Bitcoin won,” the post reads. “The Jersey City pension fund is in [the] process of updating paperwork to the SEC to allocate % of the fund to Bitcoin ETF s.” JUST IN: Jersey City to allocate a percentage of its pension fund to buy # Bitcoin ETF s, Mayor announces. — Watcher.Guru (@WatcherGuru) July 25, 2024 The state of Wisconsin has done a similar thing with its pension fund, allocating 2% to Bitcoin ETF s. Mayor Fulop says that he plans to have the project done before the end of the summer, and “I’m sure eventually it will be more common.” The Jersey City mayor reveals his “long-time” support for the crypto industry, from the ups to the downs. “Broadly, beyond crypto, I do believe bl...

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 commission s 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 ETFs in terms of competition , says Bloomberg Intelligence analyst James Seyffart. We have @InvescoUS & @galaxyhq cutting the long term fee on their #Bitcoin ETF from 39 bps to 25 bps. (Yes they have the fee waiver to 0% for first 6 months or $5 billion in assets). Story from @emily_graffeo & @kgreifeld pic.twitter.com/Erk2NU9kVF — James Seyffart (@JSeyff) January 29, 2024 Most investment products from other compan...

The SEC’s nod to Bitcoin ETFs offers a new financial avenue against the backdrop of soaring U.S. national debt. The recent approval of Bitcoin ETFs by the Securities and Exchange Commission (SEC) marks a pivotal moment for cryptocurrencies in the United States. Avik, an analyst for Forbes, articulates that Americans can now purchase Bitcoin as a hedge against a potentially weakening U.S. dollar, which is under strain from the escalating federal debt. The SEC’s decision ensures the longevity of this alternative financial instrument. According to @truflation. US year on year inflation is now sub 2%. Sitting at 1.89%. While the US Govt is reporting 3.4%. Perfect timing for an election year, $8T of debt refinancing and the #Bitcoin halving. Expect to see “shocking” lower numbers into Q2 leading to a rapid… pic.twitter.com/laIIGL3RtE — British HODL ️‍️‍ (@BritishHodl) January 20, 2024 Forbes elaborates on this perspective, explaining that the SEC’s approval ma...

SEC Commissioner Hester Peirce said that the Ethereum ETF approval process won’ t be the same as Bitcoin, as the SEC has learned several lessons from the spot Bitcoin ETF saga.  In an interview today with Zack Guzmán, Peirce said that the SEC shouldn’t need to be persuaded by a court to approve crypto-backed ETFs eventually. Peirce mentioned that the regulators will change their approval process for ETH ETF applicants, and they will make regular consumer and market considerations, as it does with all ETF products.  “We shouldn’t need a court to tell us that our approach is arbitrary and capricious in order for us to get it right.” – Hester Peirce, SEC Commissioner NEW: SEC Commissioner Hester Peirce tells me the SEC won't repeat the same mistakes with ETH ETFs after fumbling Bitcoin ETFs: "That's not how we're going to do our approvals … I think that kind of a lesson will certainly stick with us.pic.twitter.com/QNu52Gmr3H — Z...

Grayscale Investments files for covered call Bitcoin ETF post-SEC’s GBTC approval. Covered call strategy leverages options on Grayscale Bitcoin Trust, targeting income. Grayscale’s legal triumph shapes the evolving regulatory landscape for cryptocurrency. Cryptocurrency asset manager Grayscale Investments continues its strategic moves in the crypto market, recently applying for a covered call Bitcoin ETF. This comes hot on the heels of the successful launch of its spot Bitcoin ETF , the Grayscale Bitcoin Trust (GBTC). The move signifies Grayscale’s commitment to diversifying its offerings and expanding its presence in the cryptocurrency landscape. Grayscale continues crypto market forays Grayscale Investments’ bold move follows the approval of its spot Bitcoin ETF , GBTC, by the US Securities and Exchange Commission (SEC). The covered call ETF is designed to allow investors to generate income from options on Grayscale’s Bitcoi...

Amid a 31% decline from its historical peak, a significant development surfaces: more than 90% of Bitcoin addresses are presently in a profitable state, as indicated by insights from IntoTheBlock’s on-chain analysis. This milestone reflects recurring patterns in Bitcoin’s historical bull cycles. This further prompts speculation about whether holders will persist in holding their assets or choose to take profits given the prevailing market conditions. Profitability of 90% of Bitcoin Addresses The analysis conducted by IntoTheBlock discloses that the recent upswing in Bitcoin prices, surpassing the $46,000 threshold, has pushed over 90% of all BTC addresses into a profitable state. This high level of profitability is not an isolated incident but rather a consistent trend observed in Bitcoin’s historical bull cycles. The surge in addresses experiencing profitability sparks discussions about potential sell-offs. This comes as investors contemplate seizing the opportuni...

Cathie Wood thinks U.S. Securities and Exchange Commission (SEC) is likely to approve spot Bitcoin (BTC) ETFs in January, 2024. Ark Invest CEO Cathie Wood believes SEC will approve spot Bitcoin ETFs by Jan. 10, 2024. She believes that this date is the deadline not so much for applicants but directly for the regulator itself. “We don’t want the spot Bitcoin ETF to get the green light if there are any uncertainties the SEC may have. We answer the SEC’s queries individually, and the dialogues are very positive.” Cathie Wood, Ark Invest CEO In an interview with CNBC, she also noted that she was very pleased with her partner, 21Shares. She called it a leading provider of cryptocurrency exchange products. Wood also touched on the topic of Bitcoin. According to her, in 2024, the asset will experience a significant increase. She considers it the best means of hedging risks in inflation and economic instability. This is not the first time that Jan. 10, 2024, has appeared in the conte...

The BTCO ticker for Invesco and Galaxy’s Bitcoin (BTC) ETF is now listed on the DTCC website, signaling progress in the application process for both firms. The ticker BTCO, representing the spot Bitcoin exchange-traded fund (ETF) by Invesco and Galaxy, has appeared on the Depository Trust and Clearing Corporation’s (DTCC) website. It marks a significant milestone in the application process for the two asset management firms. Invesco Galaxy Bitcoin ETF appears on DTCC website | Source: DTCC The listing was added within the last six days, as archival data from the WayBack Machine indicates no such listing for BTCO as of Oct. 25. However, it’s crucial to note that a ticker’s presence on the DTCC’s list of “ETF Products” does not guarantee its future approval. A spokesperson for the DTCC clarified on Oct. 25 that it is standard procedure for the corporation to add securities to the NSCC security eligibility file in anticipation of a new E...

Coinbase chief legal officer Paul Grewal has expressed optimism that the U.S. Securities and Exchange Commission (SEC) will soon approve a Bitcoin exchange-traded fund (ETF). Grewal told CNBC that he is confident in the approval of a U.S. Bitcoin ETF from the SEC “in short order.” Coinbase is 'confident' a U.S. bitcoin ETF will be approved after SEC's court defeat https://t.co/GcxjgiF1G8 — CNBC (@CNBC) October 20, 2023 Grewal’s assertion comes after a big court decision that found the SEC had no grounds to deny asset management firm Grayscale its application to turn its GBTC Bitcoin (BTC)fund into an exchange-traded fund. Additionally, the regulator opted not to appeal the court’s ruling, sparking speculation within the industry that Bitcoin ETF approval s were on the horizon. Despite ongoing legal complications involving Grayscale’s parent company, Digital Currency Group and the Gemini crypto exchange, Grewal remains optimistic about the prospect of addition...

Will Bitcoin ETFs get the green light? Nitin Gaur of State Street believes it’s just a matter of time. Dive into his views on regulation and Bitcoin’s future. Cryptocurrency enthusiasts and finance titans such as Grayscale, BlackRock, Fidelity, and Invesco eagerly await a crucial decision from the US Securities and Exchange Commission (SEC) on a batch of requests for spot Bitcoin ETFs. This decision could have a significant impact on the crypto market. Nitin Gaur, Head of Digital Asset and Technology Design at State Street, shared his views on the likely approval of Bitcoin ETFs, expressing confidence that it will happen. Crypto.news recently had the opportunity to sit down with Nitin Gaur at the SmartCon conference hosted by Chainlink in Barcelona. In this exclusive interview, Gaur delves into the future of Bitcoin ETFs, the current regulatory landscape in the United States, and provides insights into various possible scenarios that could shape the future price of Bitc...

Can SEC Turn the Tables with Bitcoin ETF Until now, the US SEC reluctance to approve spot Bitcoin ETF s has been based on concerns over the lax regulation of crypto exchanges like Coinbase. The regulatory agency already sanctions ETFs that track Bitcoin futures on the Chicago Mercantile Exchange (CME), a regulated entity.  advertisement The insistence on CME-regulated futures over spot market ETFs has left many in the industry puzzled. One proposed solution would be for the SEC to allow spot Bitcoin ETF s on the condition that involved exchanges adhere to the same rigorous standards that CME and other traditional exchanges follow. An Opportunity for US SEC The SEC’s stance also highlights a greater issue: the disjointed regulatory landscape of cryptocurrencies. At present, Bitcoin, classified as a commodity, falls under the oversight of the Commodity Futures Trading Commission ( CFTC ) for futures but lacks thorough regulation for spot trading...

In recent times, Bitcoin exchange-traded funds (ETFs) have witnessed increased popularity. Prominent asset management firms, such as BlackRock and Fidelity, have recently submitted filings for Bitcoin ETF s. Additionally, Grayscale, a major player in the cryptocurrency investment space, has urged the Securities and Exchange Commission (SEC) to consider approving all the proposed spot Bitcoin ETF s simultaneously. Also read: Dogecoin Eyes $0.1 Milestone, What’s Hindering the Surge? However, the possibility of the Bitcoin ETF ’s approval remained uncertain. Now, according to the latest estimates by ETF analysts at Bloomberg , the odds of at least one spot BTC ETF getting approved and launched this year in the US have been raised. Based on recent events and new information @ericbalchunas and I are officially increasing our spot # Bitcoin ETF approval odds to 65%. That's from 50% a couple weeks ago and 1% a few months ago. pic.twitter.com/VBLG8EYfoP — Jam...