Cointelegraph Has Deleted the Tweet Regarding iShares Bitcoin Spot ETF Approval
Cointelegraph had previously reported that the tweet announcing the approval of BlackRock's iShares Bitcoin Spot ETF by the US Securities and Exchange Commission has been deleted.
ProShares to Launch Short Ether Strategy ETF Following Debut of Ethereum Futures ETFs
ProShares has launched three Ethereum futures ETFs and is now preparing to launch a new offering, the Short Ether Strategy ETF (SETH), which aims to mirror the inverse of the daily S&P CME Ether Futures Index performance. SETH will not engage in direct shorting of ether, but rather seeks to capitalize on potential declines in the asset's value. The fund is scheduled for listing on the NYSE Arca exchange in early November. ProShares' existing ether futures funds, including two that invest in both ether and bitcoin futures contracts, debuted on Oct. 2 alongside similar products by VanEck and Bitwise.
Bitwise CIO: Spot Bitcoin ETF Is About to Be Approved and Its Demand Will Be 100 Times That of Futures ETF
Bitwise Chief Investment Officer Matt Hougan said in an interview that "the spot Bitcoin ETF application is about to be approved." He mentioned Grayscale's recent victory in SEC litigation and BlackRock's successful ETF application rate, "the company has almost a perfect record in launching ETFs."
Hougan also said that the demand for spot cryptocurrency ETFs is expected to be 100 times that of futures ETFs, which will have a greater impact on the market.
SEC Reportedly Won’t Appeal Court Decision Favoring Grayscale’s Bitcoin ETF Application Review
The U.S. Securities and Exchange Commission (SEC) will reportedly not appeal the court decision that favored Grayscale Investments, requiring the SEC to review the firm's spot Bitcoin exchange-traded fund (ETF) application. Bloomberg analysts expect the SEC not to appeal to the Supreme Court, but this does not guarantee approval of Grayscale's application.
Crypto Traders Await Approval of Spot Bitcoin ETF to Boost Markets
Crypto traders are hopeful that the approval of a spot bitcoin ETF will revive the market. Despite ongoing geopolitical conflicts, major tokens like XRP, Solana's SOL, and BNB Chain's BNB have stabilized after a week-long drop. Analysts believe that the recent slump in crypto markets is due to rising oil prices and a drop in traditional equities, which could impact international trade. Bitcoin is currently hovering just above $26,800 after a 3% loss in the past week, while ether (ETH) is trading over $1,500 after a 5% weekly hit. Traders are eagerly awaiting the approval of a spot bitcoin ETF in the U.S. as they expect it to increase institutional demand and bring in new money.
SEC Faces Deadline to Appeal Court Ruling in Favor of Grayscale’s Bitcoin Fund Application
The United States Securities and Exchange Commission (SEC) has until October 13 to appeal a court decision in favor of Grayscale Investments, which would force the regulator to review the fund manager's application for a spot Bitcoin fund. While an appeal is unlikely, analysts suggest the SEC could still find ways to delay approval of Grayscale's spot Bitcoin ETF conversion.
The Discount Rate of Grayscale Bitcoin Trust Fund GBTC Has Narrowed Significantly by 16.5%
Nate Geraci, the president of ETFStore, shared data showing that the discount rate of Grayscale Bitcoin Trust Fund (GBTC) has narrowed significantly from about 43% in June to a "more optimistic" 16.5%. This indicator fluctuation is widely regarded as a signal of changes in the market's confidence in the approval of spot Bitcoin ETFs. Due to the lack of ETF options, many people choose GBTC as a channel to obtain exposure to Bitcoin. However, the significant discount of GBTC is caused by multiple factors.
US SEC’s Concerns Over Market Manipulation and Liquidity Continue to Impede Approval of Spot Bitcoin ETFs
The US Securities and Exchange Commission (SEC) has consistently rejected applications for a spot Bitcoin Exchange Traded Fund (ETF) due to concerns about market manipulation and liquidity. The SEC requires a "surveillance-sharing agreement" with a regulated market of considerable scale for a Bitcoin trust sponsor to be approved.
Former BlackRock Managing Director: Spot Bitcoin ETF Expected to Be Approved Within 3–6 Months
Former BlackRock Managing Director and current CEO of MarketVector Indexes, Steven Schoenfield, stated at the CCData Digital Asset Summit in London that the US Securities and Exchange Commission (SEC) will need "three to six months" to approve a Bitcoin spot ETF.
Schoenfield said, "I think the SEC may approve all ETF applications at the same time. They don't want to give anyone an advantage. They haven't completely rejected any on the entire list, but have sought opinions. This is a small but significant step forward."
Volatility Shares Withdraws Ethereum Futures ETF Application
Volatility Shares has withdrawn its application for an Ethereum futures ETF. Justin Young, co-founder of Volatility Shares, stated that "we don't see an opportunity at this point in time." When asked if the company still plans to launch an Ethereum futures ETF later on, Young said they will continue to apply, but the timing is yet to be determined.
