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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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.