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Spot Ethereum ETFs: SEC Commissioner suggests no lawsuit needed for approval

JM — Wed, 24 Jan 2024 12:59:04 +0000

SEC Commissioner, Hester Peirce, believes that a court ruling is unnecessary for approving spot Ether exchange-traded fund (ETF) applications. Peirce emphasized that the SEC should not require a court’s intervention to rectify their approach and should learn from past mistakes. While she expects the SEC to apply the precedent set by the Grayscale court ruling, Peirce acknowledges that each ETF application has unique circumstances.

Entities vying for SEC approval of spot Ether ETFs

Several entities, such as BlackRock, VanEck, and Grayscale, are currently vying for SEC approval of their spot Ether ETFs. Bloomberg ETF analyst, Eric Balchunas, estimates a 70% chance of spot Ether ETF approval by May. However, Morgan Creek Capital’s CEO, Mark Yusko, predicts less than a 50% chance of an approved spot Ether ETF, given the SEC’s general hostility towards the cryptocurrency industry.

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SEC Commissioner: ’We shouldn’t need a court to tell us that our approach is arbitrary and capricious.’
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Crypto Fear & Greed Index reflects declining sentiment after Bitcoin ETF approval

The approval of spot Bitcoin ETFs in the United States has contributed to a drop in sentiment, as reflected by the Crypto Fear & Greed Index. This index, which dropped to a 100-day low with a score of 48, measures the sentiment of the crypto market. Despite the decline, some analysts believe that spot Ether ETFs have a higher chance of approval compared to Bitcoin ETFs.

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US Asset Managers to Launch Leveraged Bitcoin ETFs and Expand into Cryptocurrencies

JM — Sat, 20 Jan 2024 08:32:01 +0000

US asset managers are set to launch exchange traded funds (ETFs) with leveraged bitcoin exposure and expand into other cryptocurrencies. This comes after the Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs last week. ProShares, for example, disclosed plans to launch five ETFs, including one that offers twice the daily exposure to a bitcoin-tracking index and others that provide inverse bitcoin returns. The ETFs’ extra leverage will amplify the already volatile bitcoin price.

Grayscale and BlackRock also entering the cryptocurrency market

ProShares is not alone in this new market; Grayscale Investments and BlackRock are also entering the field. Grayscale last week filed to launch a product that will sell options on its $26bn bitcoin ETF. BlackRock, on the other hand, aims to widen its ETF line-up to include exposure to other cryptocurrencies. However, such strategies will need to pass muster with the SEC, which approved spot bitcoin ETFs with reservations.

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US asset managers aim to expand into cryptocurrencies, capitalizing on the SEC’s approval of spot bitcoin ETFs.
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Spot bitcoin ETFs receive significant investments despite reservations

The approval of spot bitcoin ETFs is seen as a turning point away from nearly a decade of denial by the SEC. Despite concerns, bitcoin ETFs received significant investments amounting to nearly $900mn in their first three days of trading this month. The success of these ETFs in attracting investors highlights the potential growth of the cryptocurrency market.

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Fidelity’s Spot Bitcoin ETF Hits $1 Billion Inflows, Shaping UK’s Crypto Market

JM — Fri, 19 Jan 2024 22:31:07 +0000

Fidelity’s FBTC spot bitcoin ETF has reached over $1 billion in inflows, becoming the second fund to achieve this milestone. The new U.S. spot bitcoin ETFs have accumulated a total of nearly $1.2 billion in net flows within the first five days of trading, with Fidelity joining BlackRock in the $1 billion-plus inflows club. The growing popularity of these ETFs could have a significant impact on the UK’s crypto market.

Spot Bitcoin ETFs Highlight Market Volatility and Growing Interest

The spot bitcoin ETFs’ net outflows of $131.6 million and significant inflows from Grayscale’s converted fund highlight the volatility of the market. Despite this, Fidelity and BlackRock’s ETFs led yesterday’s inflows, attracting $177.9 million and $145.6 million, respectively. These ETFs, along with Grayscale, are dominating the trading volume and assets under management (AUM) in the market, suggesting a shift in investor sentiment and increased interest in cryptocurrencies.

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Fidelity’s spot bitcoin ETF hits $1 billion inflows, shaping UK’s crypto market dynamics.
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Bitcoin Price Faces Potential Pressure from GBTC Profit-Taking

Bitcoin’s price, currently trading at $41,379, faces potential pressure if GBTC investors continue profit-taking. JPMorgan analysts estimate that up to $3 billion in outflows from GBTC could further impact bitcoin prices. This situation may create opportunities and challenges for the UK’s crypto market as it adapts to the evolving dynamics influenced by spot bitcoin ETFs and the actions of major investors like Grayscale, Fidelity, and BlackRock.

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BlackRock’s CEO Optimistic About Cryptocurrencies as Interest Grows Among Gold Investors

JM — Sat, 12 Aug 2023 23:48:54 +0000

Growing Interest among Gold Investors

BlackRock CEO Larry Fink has expressed optimism about the rising demand for cryptocurrencies among gold investors. In an interview with CNBC, Fink stated that over the past five years, an increasing number of gold investors have been exploring the role of cryptocurrencies. He highlighted the potential of exchange-traded funds (ETFs) in democratizing access to gold and suggested that they could have a similar effect on the crypto market.

Hedging Against Currency Fluctuations

The depreciation of the US dollar in recent months and its appreciation over the past five years were also mentioned by Fink. He emphasized that an international crypto product could serve as a hedge against these currency fluctuations. Fink noted the broad-based and worldwide interest in cryptocurrencies, indicating that there are significant opportunities in this space.

BlackRock’s Potential Influence on Bitcoin ETF Approval

BlackRock’s recent application to list a spot Bitcoin (BTC) ETF with a surveillance-sharing agreement could play a vital role in the US Securities and Exchange Commission (SEC) finally approving such a product. Fink believes that BlackRock’s entry into the cryptocurrency market aligns with the company’s goal of creating user-friendly and cost-effective investment products. He also mentioned the diversification benefits of cryptocurrencies in investor portfolios, emphasizing their differentiating value and international nature.

Read More Here https://cryptonews.com/news/blackrock-ceo-larry-fink-highlights-rising-crypto-demand-from-gold-investors.htm

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