All articles tagged with #spot bitcoin etf
Bitcoin surged to a new high of $70,400 during Asian trading hours, following the approval of spot bitcoin exchange-traded funds in the U.S. The cryptocurrency has been steadily rising and crossed $70,000 for the first time last week, with $1 billion in BTC withdrawals indicating a bullish mood. This marks a significant development in the Bitcoin ecosystem, with financial advisors eagerly anticipating the arrival of a spot Bitcoin ETF.
Harvest Global Investments, a major asset-management company in China, has applied for a spot-bitcoin exchange-traded fund (ETF) with Hong Kong's Securities and Futures Commission (SFC) and is in discussions with regulators regarding the city's stablecoin sandbox. Venture Smart Financial Holdings, another Hong Kong firm, also plans to file a spot bitcoin ETF application, while several entities, including Harvest and RD Technologies, are in talks with the Hong Kong Monetary Authority (HKMA) about its planned stablecoin sandbox. Hong Kong's regulators have also published proposals for supervising stablecoin issuers through a licensing regime.
Analysts warn that the approval of a spot Bitcoin ETF in the United States could have negative consequences for centralized cryptocurrency exchanges like Coinbase. The lower transaction fees offered by a spot Bitcoin ETF would attract retail buyers and sellers, potentially leaving crypto exchanges with outdated retail trade execution and commissions. The ETF would also create more price competition in the industry, diverting money back to investors from exchanges that rely heavily on transaction fees for revenue. Coinbase, for example, earned $2.4 billion in transaction fees in 2022, accounting for 77% of its total net revenue.
Bitcoin surpassed $40,000 for the first time since May 2022, while Ethereum rose above $2,200, as the broader crypto market experienced a subdued rally. The recent surge in Bitcoin's price can be attributed to optimistic comments from U.S. central bankers and hopes for the approval of a spot bitcoin exchange-traded fund (ETF). Traders are betting on Bitcoin reaching $45,000 by March 2024. The upcoming release of U.S. economic data, including non-farm payrolls, may impact the trajectory of Bitcoin's ascent.
Bitcoin's price surge towards $40,000 is boosting sentiment in altcoins such as Kaspa (KAS), THORChain (RUNE), Mantle (MNT), and Render (RNDR). Bitcoin's trajectory remains upward, with expectations of a spot Bitcoin exchange-traded fund (ETF) approval by the United States Securities and Exchange Commission (SEC) in January. Traders should be cautious of a potential sell-off after the initial reaction to the ETF approval. Technical analysis suggests bullish targets for Bitcoin, while altcoins like KAS, RUNE, MNT, and RNDR show signs of consolidation and potential uptrends.
On-chain data compiled by CryptoQuant reveals that Bitcoin is flowing from Binance to Coinbase, with Coinbase's reserves increasing by around 12,000 BTC while Binance's have decreased by 5,000 BTC. The decrease in Bitcoin reserves on Binance is attributed to retail outflows, possibly due to concerns over recent legal implications against the exchange. Analysts suggest that Binance's recent settlement with the U.S. Department of Justice may have increased expectations for the approval of a spot Bitcoin ETF, impacting fund flows. Trust in centralized exchanges has also diminished since the collapse of FTX last year, leading investors to keep their holdings elsewhere.
Bitcoin and ether remain steady in Asia as the discounts on Grayscale Bitcoin Trust narrow and anticipation for the approval of spot bitcoin and ether ETFs grows. Investor inflows into the crypto market have surpassed $1 billion this year. The U.S. economic data and Federal Reserve communications expected this week are likely to impact crypto market trends. The discount on the Grayscale Bitcoin Trust has shrunk to levels not seen since July 2021. The U.S. Securities and Exchange Commission (SEC) has initiated discussions with Grayscale Investments about converting the trust to a spot bitcoin ETF. BlackRock's announcement of an ether-based ETF has boosted market sentiment, with ETH outperforming bitcoin. Trading activity on decentralized exchanges (DEXs) is at a six-month high as traders shift from altcoins to ether in anticipation of ETF approvals.
The number of crypto wallet addresses holding more than $1 million worth of Bitcoin (BTC) has tripled in 2023, reaching over 81,000 addresses. However, these millionaire wallets are not necessarily owned by individual users, as many belong to crypto exchanges and financial institutions. Additionally, the number of "wholecoiners" (wallets with a balance of at least 1 BTC) has slightly increased since the beginning of the year. Bitcoin's price has been boosted by market enthusiasm for pending spot exchange-traded fund (ETF) products, with analysts predicting a 90% chance of approval by January 10. Despite the bullish sentiment, some analysts remain skeptical about a spot Bitcoin ETF approval leading to a significant trend reversal.
The cryptocurrency community is excited about the potential launch of a spot cryptocurrency exchange-traded fund (ETF) in Hong Kong, as it could be a significant development in the economic competition between the US and China. BitMEX co-founder Arthur Hayes believes that competition between the two economies will eventually benefit Bitcoin. Coin Bureau and crypto influencer Lark Davis also highlighted that Hong Kong's move into spot Bitcoin ETFs shows that China doesn't want to miss out on crypto opportunities. Hong Kong is considering allowing retail investors to access spot ETFs linked to cryptocurrencies like Bitcoin, provided regulatory concerns are met. This comes as at least a dozen investment firms in the US seek to launch similar products, despite pushback from the Securities and Exchange Commission.
Coinbase's chief legal officer, Paul Grewal, expressed optimism that bitcoin spot exchange-traded fund (ETF) applications will be approved by the U.S. Securities and Exchange Commission (SEC). Grewal believes that these applications should be granted under the law and pointed to the fact that major traditional finance firms, such as BlackRock, have filed for spot ETFs. If approved, a spot bitcoin ETF could boost the price of bitcoin and benefit crypto-related stocks like Coinbase, MicroStrategy, Marathon, and Riot Platforms. Grewal did not provide a timeline for the approvals but expects progress in the near future.
Interest in spot Bitcoin exchange-traded funds (ETFs) is growing among retail investors, as indicated by a surge in Google searches for "spot Bitcoin ETF" and "Bitcoin ETF." The search value for "spot Bitcoin ETF" is on track to reach its peak value of 100 this week, while the value for "Bitcoin ETF" has risen to 39, the highest since the launch of ProShares' futures-based ETF two years ago. Market participants anticipate that the U.S. Securities and Exchange Commission will approve a spot Bitcoin ETF early next year, leading to increased liquidity and mainstream adoption of Bitcoin.
The price of Bitcoin (BTC) experienced a sharp rise and subsequent fall after two events impacted pending applications for spot Bitcoin ETFs. Bitcoin initially surged to a two-week high following a court victory by Grayscale Investments against the SEC, but then dropped nearly 5% after the SEC decided to delay seven pending spot Bitcoin ETF applications. The SEC's delay gives it another 45 days to approve, deny, or further delay the applications, with the next decision deadlines set for October. Despite the setback, some experts believe there is a 75% chance of the SEC approving a spot Bitcoin ETF this year, citing Grayscale's court win as a factor.
Bitcoin prices surged after a federal appeals court ordered the U.S. Securities and Exchange Commission (SEC) to reconsider its rejection of Grayscale's bid to convert the Grayscale Bitcoin Trust into an exchange-traded fund (ETF). While this ruling is seen as a positive signal for the market, traders remain cautious as it does not guarantee the approval of a spot Bitcoin ETF. Some believe it is the first step in a changing regulatory environment, while others highlight the low trading volume in the digital asset market. Long-term holders of Bitcoin continue to accumulate tokens, suggesting a bullish outlook despite the current market lull.
The Securities and Exchange Commission (SEC) is required to make a decision on ARK's application for a bitcoin exchange-traded fund (ETF) by August 13. Eight other organizations, including BlackRock, Bitwise, VanEck, and WisdomTree, have also filed applications for spot bitcoin ETFs. The SEC can extend the deadline to a maximum of 240 days, potentially delaying a final response until January 2024 for ARK's application and March 2024 for the others. Supporters argue that if a bitcoin ETF is approved, all applications should be approved simultaneously. The current applications include a "surveillance sharing" agreement with exchanges to reduce market manipulation. Many believe the SEC will not act unless forced to do so, and a court case between Grayscale and the SEC is seen as a potential catalyst for action. While some are doubtful, others believe the environment is changing, with recent approvals of leveraged bitcoin ETFs and a rush of applications for ethereum futures ETFs. Regardless, most observers expect the SEC to further delay making a decision.
Bitcoin's rally continues as it surpasses $31,000 again, with a 1.8% jump in the past 24 hours. Institutional investors are showing increased interest in digital assets, with $125 million worth of inflows over the past week, mostly focused on Bitcoin. Ethereum is also performing well, nearing $2,000 per coin. Pepe, a newer meme coin, has seen significant gains but has also experienced a decline in value since its April peak.