Erroneous Reports of Approved Bitcoin ETF Cause $100 Million Worth of Liquidations
Erroneous reports of an approved spot Bitcoin ETF caused the liquidation of nearly $100 million worth of positions in just an hour. Cointelegraph reported that the Securities and Exchange Commission (SEC) had approved an iShares spot Bitcoin ETF managed by BlackRock, but the article was later deleted. Confirmation from Fox News Journalist Eleanor Terrett, Bloomberg analyst James Seyffart, and CoinDesk, all say the BlackRock spot Bitcoin ETF is not approved and is still under review. Bitcoin surged from $27,900 to $30,000 after the initial report before falling back to around $27,900 following the correction.
Cathie Wood blames SEC Chair Gary Gensler for blocking proposed spot bitcoin ETFs
According to Cathie Wood, the Securities and Exchange Commission (SEC) Chair, Gary Gensler, is the main obstacle to proposed spot bitcoin ETFs, rather than the agency itself. <br>
Grayscale Bitcoin Trust Discount Narrows As Market Anticipates Bitcoin Spot ETF Approval
Grayscale Bitcoin Trust (GBTC) is currently trading at its lowest discount in almost two years, with the discount to Bitcoin net asset value (NAV) narrowing to 15.87% as of Oct. 13. This comes as spot Bitcoin ETFs move closer to potential approval in the United States, with BlackRock and other financial institutions filing spot Bitcoin ETF applications in mid-June. Analysts believe that GBTC's discount will continue to narrow as spot Bitcoin ETFs near approval, with some predicting that the discount will "evaporate" over the next week or two. Grayscale has stated that they remain operationally ready to convert GBTC to an ETF upon SEC approval.
Grayscale Says Ready to Convert GBTC to ETF Upon SEC Approval
Fox Business reporter Eleanor Terrett's social media post, Grayscale issued a statement regarding the decision not to appeal to the US SEC, stating: "The 45-day deadline for seeking review under the Federal Appellate Procedure Rules has passed. The court will issue final authorization within 7 days. The Grayscale team is ready to convert GBTC to ETF once approved by the SEC."
Grayscale team is still preparing to convert GBTC into ETF
FoxBusiness reporter Eleanor Terrett posted on social media that, based on Grayscale's statement that the SEC will not seek a review, the 45-day deadline for seeking a review under the Federal Appeals Procedure Rules has passed. The court will now issue a final authorization within 7 days. The Grayscale team is still prepared for business and, once approved by the SEC, will convert GBTC to an ETF. We look forward to sharing more information as soon as possible if feasible.
Coinbase Researcher Says Approval of US Bitcoin ETF Already Partially Priced In
According to David Duong, head of institutional research at Coinbase, the impact of a potential regulatory approval for a US spot Bitcoin exchange-traded fund (ETF) has already been partially priced in for Bitcoin. Duong suggests that the divergence between Bitcoin's performance and the altcoin market indicates that market participants are anticipating the approval of one or more BTC ETFs.
Bloomberg Analysts Raise Odds Of Spot Bitcoin ETF To 90%
Bloomberg analysts have increased the likelihood of the US Securities and Exchange Commission (SEC) approving a spot Bitcoin ETF to 90%. This follows updates to the prospectus by Ark Invest and 21Shares at the SEC's request. The analysts predict approval by 10 January, with constructive conversations between the SEC and applicants. Meanwhile, the SEC has decided not to appeal a court ruling allowing Grayscale to convert its GBTC product to a spot Bitcoin ETF.
SEC will not appeal court ruling on Grayscale's bitcoin ETF application
The US Securities and Exchange Commission (SEC) will not challenge a court ruling that found it was incorrect to reject Grayscale Investments' application to create a spot bitcoin exchange-traded fund. The decision allows the SEC to review Grayscale's proposal. The source familiar with the matter confirmed the news.
Bloomberg Analyst: There is a 90% chance that a spot Bitcoin ETF will be approved by January 10
Bloomberg senior analysts Eric Balchunas and James Seyffart have raised the probability of the approval of a physical Bitcoin ETF before January 10 to 90%.
ARK Invest and 21Shares' Bitcoin ETF Application Amended with Additional Information, Seen as a Good Sign for Progress and Approvals
ARK Invest and 21Shares have made amendments to their joint spot Bitcoin ETF application, which could indicate progress towards approval. The amended filing includes additional information on how the fund will custody assets and determine asset values. Bloomberg senior ETF analyst Eric Balchunas believes the changes address concerns raised by the SEC and are a positive sign of progress. The filing also clarifies that the ETF's assets are held in segregated accounts on the Bitcoin blockchain and not commingled with corporate or other customer assets.
