Bitcoin Forum

Bitcoin ETF fate is finally going to be decided on August 10. Currently, SEC is asking for comments on the listing and trading of Bitcoin ETF introduced by VanEck SolidX Bitcoin Trust that will be catering to only accredited investors.

The proposed date by SEC to give its decision is August 10 that by extension will also decide the fate of cryptocurrencies and if trillion dollar funds will finally pour in the crypto market.

Read more: https://bit.ly/2N8SCPZ

LOL, why exaggerate this much?!!
first of all this is bitcoin ETF not every altcoin out there ETF and if anything it will be affecting bitcoin.
besides ETF is just some hyped up bullshit that people are clinging to so that they have some false hope about the price rise because they couldn't find any other type of hope!

i'd say why even look for hope and silly things like ETF, bitcoin didn't have any nonsense like ETF for the past 9 years and it went from $0 to $20000 and will continue this way without them too.
...and even if ETF is approved money won't pour into bitcoin, it will pour into that ETF!

i refuse to click shortened links.

Presumably August 10th is the first deadline? Going on past behaviour they'll carry on extending it until the very final one which I think is September 30th.

I don't see how or why this application should pass when the Winklevoss one did not even if it has more established personnel behind it.

They all have the same problem. The SEC doesn't have full jurisdiction over the Bitcoin market. There's no ETF out there that's not on a market under their full remit. These applicants are asking them to approve a new asset class on top of it trading on markets they can't police.

That's a double no.

I've seen talk of applications based off futures which are regulated by them. However those futures prices are still linked to the uncontrollable Bitcoin market. I wonder if there are precedents for that elsewhere.

It would be nice to avoid a pointless pump and dump. No doubt we'll get one anyway.

Yeah I fail to see how or why this attempt will be approved. Let’s wait & see but I don’t have high hopes for this. It’s better that way though, I don’t get disappointed.

Trouble is though, no matter how well informed and pragmatic you are about it, the majority never will be and they'll be the ones running around screaming and squirting their droppings into your wallet balance.

The fact that it's CBOE makes it more compelling than total outsiders like the Winklevii. I still don't get how it's going to happen.

We can only hope, the price would go through the roof if an approval is somehow given.

Money that pours into an ETF will have to also move into Bitcoin though as each share would need to be backed 1:1 with Bitcoin. I think an ETF approval would have more implications than just a hype pump/institutional investors pumping it. An ETF would add a great deal of Legitimacy to Bitcoin, which is definitely needed right now. The crappy ICO market has essentially painted cryptocurrencies as a joke. A Bitcoin ETF would definitely help out Bitcoin and show that it is indeed a valuable alternative store of value.

At least that is just my opinion.

The only positive thing about waiting for ETF approvals is that it brings more buzz around bitcoin.More people start talking and sharing posts in social media about that topic.This might a create a short term bitcoin bubble,so it`s a wise decision to start buying more bitcoins at the end of July.Smart traders can get some nice profits around this,but I`m not an optimist that bitcoin will be ETF approved.

I think August is always a month when bitcoin has been making a turned in price directions for some years now.  We are not going to have a bad market if ETF is been listed in the exchange.  Bitcoin will make good move from August  this year and we expect to have good market from August.

there is nothing significant about any specific month of the year when it comes to bitcoin and its rise. people always keep saying the same thing every month, that bitcoin rises in that month and falls in this month and in the end bitcoin does its own thing

as for the ETF i think we can see a rally in case ETF is approved (unlikely!) but i wouldn't expect a big thing like an ATH from it.

Everyone's getting hype on social media on different crypto pages that I liked and they are all expecting that this will bump the price.
Much better, I won't expect that much anymore with this approval if it gets approved fine but if doesn't, its still fine.

With the luck we have, I wouldn't be surprised if the Bitcoin decrease by 10% no matter what will be the decision. The December story will repeat again. Don't hope for anything positive and save the Queen if you can't afford to see Bitcoin below $6,000

No one knows what is going to be happening or how the price will be responding to the outcome of the Bitcoin ETF. We have had so many cases before that which a bullish move was expected but never happened. My point is, whenever bitcoin is going to recover, it will! There is no point being too eager to assume something that we obviously cannot change or having too much expectations and end up being disappointed. What is important now is to just keep looking how far we go down and when we should be picking up the dips whether August 10 brings about revival or not.

ETFs could be big, but IMO this is an exaggeration of what might happen in case the said ETF is approved. We've been discussing bitcoin ETFs for years and so far, no further developments are taking place, only talks and postponements. I don't see ETFs bringing trillions to this market, but if a similar FOMO and hype is generated, it could artificially inflate the price and take us to a trillion-market cap. We'll see whether a strong reversal would take place ones the ETF is approved and is taking place.

A pump and dump is in the bag if it happens, which it won't.

If it did then this particular ETF is for big willies only with chunks of 25 BTC for sale. It depends on how many willies are being held down by regulatory shyness. They're too bright to pile in in the deeply moronic manner that's expected.

I've lost count of the things that were going to 'save' the price now. At one point it was Ledgerx, then it was futures. All of them amounted to very little.

If we a lot of people have high hopes for this ETF and it will get rejected, then the effect might be even bigger than when the Winklevoss ETF got rejected, and if I remember correctly, there was a dip right after than happened, and that was on a bullish market. Now that the market is bearish, it might be more sensible to negative news, and the dip might be bigger, although the volume is also bigger now, so maybe it will cancel out. Either way, don't panic and prepare for both scenario's if you are going to trade on these news, otherwise just relax, because it doesn't matter in the long run.

you are correct about the 1:1 thing but that money comes in once and will most probably not come in into the main market (not on exchanges) they may buy bitcoin off the market or at least buy it in a way that they don't change anything about the price.
and i may be mistaken but i believe they have already bought bitcoin that they created this ETF, meaning they first provided the funds then submitted their ETF with SEC.

and i completely agree with the second part about ETF giving bitcoin Legitimacy. i think many cases like this (ETF, Futures, even Japan adopting bitcoin) have one big effect that people sometimes forget about, they show people how wrong all those FUD they were hearing were.

I don't think it would have the same effect.

It's similar to any ongoing big development like the Silk Road US Marshal auctions. The first one had people proper jittery. By the time the last one came around it was barely mentioned. People get used to it.

There've already been many other ETF applications withdrawn that I have not seen one mention of. The Winklevoss one was the very first and the most widely publicised and that's why its rejection mattered.

And I completely forgot that this application is actually the SolidX one, and CBOE are doing the application for a rule change to allow it. That's very similar to the Winklevoss set up in that BATS applied for a rule change on their behalf that was turned down. SolidX have already withdrawn one ETF application at the start of the year.

You need to read more about how ETF works. ETF pours money directly into bitcoin! ETF works like that:

1- user buy bitcoin etf from fund
2- fund buy btc on market
3- user sell etf
4- fund sell btc on market

You dont trade ETF beatwin users. You are buying/selling them from fund.

Thats why ETf price does not depend on supply or demand on exchange where you buy/sell ETF. It depends on bitcoin price, where fund is exchanging USD to BTC. So when someone is buying 10 000 btc by ETF, fund is buying 10 000 btc on exhanges in the same moment.


Back to OP. Any news 3 days beafore deadline?

Well its only a couple of days before the final decision. is anyone nervous about it?

It might be a good catalyst for a bull run but I don't think that trillions of dollars will just pour on the market if it gets approved. Of course FOMO will join but we all know what is going to happen if all that cash suddenly poured in again. Another bubble and its not good to see bitcoin overbought because anytime it could burst again. So let's see how it goes in the next few days. Bull run or another price fall.

No. Because the chances are extremely high that it's going to be postponed, and again, and again until early next year.

I'm sure that won't stop the price having a brief shit just because it's in a weedy mood.

No. We have seen what a rejection can do to that market and I'm already prepared for it. I think those who are nervous are really putting 100% that the ETF will be accepted, but I think otherwise. It really might bring the price to another bottom, but guess what, we have seen it happened in the past, we have been in the bearish period for more than 6 months now that I become somewhat not affected by any negative news. But for those who are not, be prepared is all I'm saying.

Bitcoin ETF is a very good option, as it is going to bring some big non technical and non-crypto investors into this.

https://www.bloomberg.com/news/articles/2018-08-15/lovelorn-u-s-bitcoin-etf-fans-may-find-satisfaction-in-sweden

Looks like this is the first time Americans can get exposure to the straight Bitcoin price, not the quasi nonsensical GBTC one, through a US trading account.

Not an ETF of course, an ETN. I think this ETN was started by KNCminer back in the day and it's backed by real coins which ETNs aren't obligated to do.

Interesting to see what the uptake will be on this. Probably nil.

It doesn't have any hype behind it, which renders it worthless as instrument. It all comes down to the thought of having institutions enter this space with their capital, not retailers who can easily buy the asset themselves already.

The selling feature of the current ETF is that institutions can buy long term exposure through their preferred platform that is regulated and proven to be reliable of serving multi billion dollar parties for years and years.

That being said, the ETF that people are hyping up might just as well be a flop and enjoy barely any institutional interest. We'll see what happens, but people should be a bit more conservative before celebrating an unproven event.

Lol I think we got too over our heads thinking the ETF will change and we will have that and the price will be insane with the billions of people investing and hedge funds diversifying into bitcoin as well and we will reach to trillion dollar in market cap. It won't , not that quickly.

Not before everyone who greased their hands with right people have enough bitcoin, when they all have enough bitcoin and when they are ready to sell properly without dropping the price and actually having some sense of future profits ready and set... well only that will make ETF ready to be approved. Otherwise it won't happen that easily.