Tag: ETF

BlackRock, one of the world’s largest asset management firms, has officially updated its spot Bitcoin ETF Bitcoin holdings data, revealing a significant increase in its cryptocurrency assets. As of March 11, the firm’s Bitcoin holdings surpassed 200,000, reaching 203,754.8 BTC, with a market value of approximately US$14.76 billion.

The Securities and Exchange Commission (SEC) has agreed to take extra time to consider BlackRock’s proposal to allow options to trade on a Bitcoin ETF that tracks the current price of Bitcoin. This type of trading allows investors to wager on the future price of Bitcoin without really owning it. The SEC has pushed the decision date to April 24. BlackRock’s request is not the only one awaiting an answer. The SEC is likewise taking its time on identical petitions from Cboe Exchange, Inc. and Miax Pearl LLC.

BlackRock’s proposal for a spot Ethereum exchange-traded fund (ETF), as disclosed in a filing on Monday. This delay also applies to Fidelity’s spot Ethereum ETF, with the SEC extending the timeline for both proposals. The regulatory body is soliciting public feedback on whether these ETFs should be approved, particularly focusing on concerns regarding Ethereum’s proof of stake mechanism and its susceptibility to fraud and manipulation. Comments from the public on both proposals are due within the next 21 days, with rebuttals accepted within 35 days thereafter. BlackRock and Fidelity initially filed for their spot Ethereum ETFs back in November, following the launch of spot bitcoin ETFs, which received SEC approval earlier this year. While some crypto experts anticipate a potential approval for spot Ethereum ETFs as early as May, citing the recent approvals for bitcoin ETFs as a positive precedent, others remain cautious. Variant Fund Chief Legal Officer Jake Chervinsky highlighted legal issues and the policy environment in Washington, suggesting that denial or an SEC request to withdraw is more likely than commonly perceived. SEC Chair Gary Gensler has previously emphasized that the agency’s approval of spot bitcoin ETFs should not be extrapolated to other cryptocurrencies, implying that each proposal will be evaluated on its own merits.

During a recent CNBC interview, Bitwise’s Chief Investment Officer made an ambitious projection for Bitcoin’s price in 2024, foreseeing it reaching between $100,000 and $200,000 or even higher. The CIO attributed this bullish forecast to the significant demand for Bitcoin coupled with a limited supply.

Spot Bitcoin ETFs are on a buying spree, amassing 216,309 Bitcoins (worth $10.3 billion) in just 21 days since their launch. This surpasses even the holdings of MicroStrategy, the previous frontrunner with 190,000 Bitcoins.

The launch of Bitcoin exchange-traded funds (ETFs) in the US has raised concerns about potential risks to the financial system. Experts warn that these ETFs could exacerbate volatility in the Bitcoin market and create systemic risks, causing ripple effects throughout the financial system.

Standard Chartered Bank has predicted a surge in the price of Ethereum (ETH) in the coming months, with expectations of reaching $4,000 by May. The bank’s research team believes that the approval of spot-based Ethereum ETFs in the United States will be a key driver for this increase.

Large investors, often referred to as ‘Bitcoin whales’, have reportedly accumulated approximately $3 billion worth of Bitcoin (BTC) this month. This significant increase in activity comes as Bitcoin exchange-traded funds (ETFs) experienced net inflows of $820 million in the same period. The data reveals that the amount of Bitcoin held in wallets owning over 1,000 BTC has surged by approximately 76,000 BTC. This substantial uptick in whale accumulation underscores the growing interest of large entities and investors in Bitcoin, particularly in the wake of several developments within the cryptocurrency market.

Harvest Hong Kong, one of China’s largest fund companies, has submitted an application for a Bitcoin spot ETF to the Hong Kong Securities and Futures Commission. This marks the first time that an institution in Hong Kong has submitted an application for a Bitcoin spot ETF.

Brace yourselves, crypto enthusiasts! A significant Bitcoin transfer is expected as U.S. markets open on January 29. An estimated 12,504 BTC, valued at roughly $525 million, will be on the move across various ETF custody addresses. This news, shared by analyst @EmberCN, has sparked discussions about potential implications for the crypto market.