Another attempt at Bitcoin ETF..You knew it was coming once BTC raised above ATH

[rdbase]

Interview on CNBC earlier last evening with VanEck bringing up the possibly of another attempt at a spot ETF in the United States.
Very interesting statements said about bitcoin being in it's early stages and now is the time to invest as a rally call to corporate investors right now.

VanEck CEO Says Gold and Bitcoin (BTC) in Early Stages of New Multi-Year Bull Cycles
https://dailyhodl.com/2023/04/05/vaneck-ceo-says-gold-and-bitcoin-btc-in-early-stages-of-new-multi-year-bull-cycles

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[Lucius]

ETF is not mentioned anywhere in the text, so regardless of the fact that VanEck is very optimistic when it comes to Bitcoin and gold, I wonder if the big players have already somewhat given up on spot ETFs? In the past years, a lot of dust was raised about this, even though the SEC was very firm in its positions, and somehow it seems to me that this will not change until the people who make the decisions change.

[rdbase]

VanEck only has their eyes set on bringing an ETF to the United States regardless if they mention it or not. It is the underlying reason for them being interested in bitcoin at all. Greyscale and them have spent alot of time fighting with the SEC to get it's approval for several years.
Here is an article which came out last night regarding the current ETFs that have performed better than many other funds over the course of the year:
https://blockworks.co/news/crypto-etfs-blockchain

[rdbase]

ETF is not mentioned anywhere in the text, so regardless of the fact that VanEck is very optimistic when it comes to Bitcoin and gold, I wonder if the big players have already somewhat given up on spot ETFs? In the past years, a lot of dust was raised about this, even though the SEC was very firm in its positions, and somehow it seems to me that this will not change until the people who make the decisions change.

This change you say that has be made first is coming fast and swift with the SEC's chairman getting himself in over his head with these recent court battles.

And to your question highlighted above, it seems that another player in this market has not given up the idea of having a spot ETF in the United States:

https://www.coindesk.com/business/2023/06/15/blackrocks-ishares-files-paperwork-for-spot-bitcoin-etf

https://cryptonews.com/news/blackrock-close-filing-an-application-for-bitcoin-etf-coindesk.htm

After this news was announced it caused all shorts to get liquidated in anticipation of this to spark the bull market.
https://www.coindesk.com/markets/2023/06/16/bitcoin-shorts-lose-16m-as-blackrock-etf-filing-sparks-bullish-outlook

[rdbase]

A interesting article to see what BlackRock is trying to do with this new spot ETF arrangement that after 531 previous attempts this is the one that got approval by the SEC.
https://www.forbes.com/sites/digital-assets/2023/06/15/blackrocks-spot-bitcoin-etf-plan-appears-to-be-a-case-of-perception-bending-reality/?sh=63ff5a714afe

Isn't it a strange occurrence that after the regulation department has run into so many problems and the requesting to have it's head removed by force that they are finally allowing one to be open to the institutional investor?

[rdbase]

Now the rest of those companies which wanted to have a spot ETF available to their customers are flocking in all at once to get registered re-applying to the SEC in hopes to get approval that Blackrock seemed to have secured in the past week of the news coming out in the past 96 hours.
Valkyrie, Invesco and Wisdomtree just to name the most recent ones to put in their applications the last 48 hours.

https://decrypt.co/145566/wisdomtree-invesco-follow-blackrock-with-spot-bitcoin-etf-applications
https://cointelegraph.com/news/valkyrie-submits-btc-spot-etf-application-to-go-with-its-futures-miners-etfs

https://www.bloomberg.com/news/articles/2023-06-20/wisdomtree-files-for-us-spot-bitcoin-etf-on-heels-of-application-by-blackrock

[Reid]

Well, well, well.
https://watcher.guru/news/sec-approves-first-leveraged-bitcoin-futures-etf

SEC Approves First Leveraged Bitcoin Futures ETF

The US Securities and Exchange Commission (SEC) has approved its first leveraged Bitcoin Futures ETF. Moreover, the Volatility Shares’ offering is now the first ETF of its kind to be available in the United States, and it is set to begin trading on Tuesday, according to a Coindesk report.

Then directing to Coindesk link.
https://www.coindesk.com/policy/2023/06/23/leveraged-bitcoin-futures-etf-to-start-trading-tuesday-sponsor-says/
Here is the ETF name and the ticker.
Volatility Shares’ 2x Bitcoin Strategy ETF (BITX)
Then the link to Prospectus.
https://www.sec.gov/ix?doc=/Archives/edgar/data/1884021/000138713123007744/bitx-485bpos_052323.htm


Just looking at it makes me proud as a Bitcoin enthusiast. I mean, this is on another level again and might be another key for Bitcoin to gain value not just because of a billionaire buying it but because everyone can trust it.

[rdbase]

The wait is over and it seemed to rally the markets even for a short time but it is still keeping the level of support above $30,500k which is a welcoming sign from the last couple of months where bitcoin was hovering $4,000 below this amount steadily at $26,500k for the longest time.
That is all the price needed to give it some life once again.

Now more financial institutions are coming in with their own version of a spot bitcoin ETF as Fidelity has filed for their own being the next biggest player in this offering to the corporate investors behind Blackrock.

[Reid]

^I just finished reading about it.

Fidelity may soon file for a spot bitcoin ETF
https://coinjournal.net/news/fidelity-may-soon-file-for-a-spot-bitcoin-etf/

There’s a lot of optimism here that you’re going to get a bitcoin ETF. - Oanda Senior Market Analyst Edward Moya

I remembered my own thought way back before Bitcoin becomes so popular. The first ones to take the risk will be either get broke or will be filthy rich in the future. And I do believe that is going to happen again.

It's just a rumor for now but Fidelity is one hell of a big financial multinational services and once this news is fully accomplished, there may be another bull to come. They already applied for a spot ETF 2 years ago but was denied by SEC (Securities and Exchange Commission). Now they can do that again and I am pretty sure there will be no more wall that will block them.
A wave up will be coming, I don't think this big companies will be the end of it, there are more to come. 

[SquirrelJulietGarden]

It's just a rumor for now but Fidelity is one hell of a big financial multinational services and once this news is fully accomplished, there may be another bull to come. They already applied for a spot ETF 2 years ago but was denied by SEC (Securities and Exchange Commission). Now they can do that again and I am pretty sure there will be no more wall that will block them.
A wave up will be coming, I don't think this big companies will be the end of it, there are more to come. 

SEC won't be able to deny Bitcon Spot ETF applications forever. Their policy will have to be changed by new policies from the USA. government, Congress and new regulations. So SEC. as one of the USA governmental agencies will have to obey regulatory demands from the White House and other higher governmental authorities.

In future, we will have lively Bitcoin Spot ETFs as they will surely be approve in future. Just matter of time, when we will have a first Bitcoin Spot ETF to use.

[rdbase]

Here is an updated table of the current spot bitcoin ETF's waiting for approval:


Ark investments is copying BlackRock's approval process to see if there is any bias towards their application.
Here is a picture to sum it all up:

https://twitter.com/EricBalchunas/status/1674072393399017474

[rdbase]

Wow! Just now there is some news of SEC dumping on bitcoin and it drives the price down by 7% in a matter of an hour.
Just unbelievable how a couple of words from this syndicate which is against bitcoin and it's future can cause so much voatility in the cryptocurrency markets in a short amount of time.

Here is some better side news to view upon an ETF approval in the next month:
"Why approving a Bitcoin ETF might unleash $18B in sell-pressure. Grayscale Bitcoin Trust conversion to an ETF will unlock a potential sale of up to $18 billion in Bitcoin."
source: https://cointelegraph.com/news/bitcoin-etf-approval-billion-dollar-sell-pressure

[thecodebear]

Wow! Just now there is some news of SEC dumping on bitcoin and it drives the price down by 7% in a matter of an hour.
Just unbelievable how a couple of words from this syndicate which is against bitcoin and it's future can cause so much voatility in the cryptocurrency markets in a short amount of time.

Here is some better side news to view upon an ETF approval in the next month:
"Why approving a Bitcoin ETF might unleash $18B in sell-pressure. Grayscale Bitcoin Trust conversion to an ETF will unlock a potential sale of up to $18 billion in Bitcoin."
source: https://cointelegraph.com/news/bitcoin-etf-approval-billion-dollar-sell-pressure

Not surprising at all. It was very confusing why people got so excited about the Blackrock ETF when there was zero chance the SEC was going to approve it. Gensler is in charge of the SEC and he hates the industry and is doing everything in his power to remove it from the US. Accepting a spot ETF would be the opposite of his goals. Unless Congress acts to remove Gensler or redistribute power in the SEC away from the head there won't be any chance of a Bitcoin spot ETF until Gensler is gone in 3-4 years.

Also the price drop isn't surprising either. The price rallied like $5000 on the naive belief that Blackrock had some sort of a chance at getting its ETF approved. Not surprising at all to see a $1000+ drop when reality hits.

Also I wouldn't worry about that $18B sell pressure idea. That's just FUD. Yes once ETFs get approved sometime in the late 2020s, and Grayscale can convert theirs to an ETF, that means people in Grayscale will be able to both buy and sell their shares on the open market (rather than only being able to sell on a secondary market the way the Trust is setup now), but that doesn't mean everyone is going to be selling haha. Anyone who wants out of Grayscale can already sell their shares on the secondary market, Grayscale itself just doesn't sell the actual bitcoin, so its not like all these people are stuck in Grayscale and want out and then when it gets converted to an ETF they will finally all sell. This is a total non-issue. If anything, people who still are in Grayscale at that time, but don't like how the Trust has had a negative NAV for years, may just sell their Grayscale ETF (at that point) to move their money to a different Bitcoin ETF. I don't see any reason there would be any actual sell pressure from this event. Meanwhile, ETF approval would likely mean billions of dollars flooding into bitcoin very quickly. So, again, a non-issue.

[rdbase]

Wow! Just now there is some news of SEC dumping on bitcoin and it drives the price down by 7% in a matter of an hour.
Just unbelievable how a couple of words from this syndicate which is against bitcoin and it's future can cause so much voatility in the cryptocurrency markets in a short amount of time.

Here is some better side news to view upon an ETF approval in the next month:
"Why approving a Bitcoin ETF might unleash $18B in sell-pressure. Grayscale Bitcoin Trust conversion to an ETF will unlock a potential sale of up to $18 billion in Bitcoin."
source: https://cointelegraph.com/news/bitcoin-etf-approval-billion-dollar-sell-pressure

Not surprising at all. It was very confusing why people got so excited about the Blackrock ETF when there was zero chance the SEC was going to approve it. Gensler is in charge of the SEC and he hates the industry and is doing everything in his power to remove it from the US. Accepting a spot ETF would be the opposite of his goals. Unless Congress acts to remove Gensler or redistribute power in the SEC away from the head there won't be any chance of a Bitcoin spot ETF until Gensler is gone in 3-4 years.

Also the price drop isn't surprising either. The price rallied like $5000 on the naive belief that Blackrock had some sort of a chance at getting its ETF approved. Not surprising at all to see a $1000+ drop when reality hits.

Also I wouldn't worry about that $18B sell pressure idea. That's just FUD. Yes once ETFs get approved sometime in the late 2020s, and Grayscale can convert theirs to an ETF, that means people in Grayscale will be able to both buy and sell their shares on the open market (rather than only being able to sell on a secondary market the way the Trust is setup now), but that doesn't mean everyone is going to be selling haha. Anyone who wants out of Grayscale can already sell their shares on the secondary market, Grayscale itself just doesn't sell the actual bitcoin, so its not like all these people are stuck in Grayscale and want out and then when it gets converted to an ETF they will finally all sell. This is a total non-issue. If anything, people who still are in Grayscale at that time, but don't like how the Trust has had a negative NAV for years, may just sell their Grayscale ETF (at that point) to move their money to a different Bitcoin ETF. I don't see any reason there would be any actual sell pressure from this event. Meanwhile, ETF approval would likely mean billions of dollars flooding into bitcoin very quickly. So, again, a non-issue.

About a month ago the U.S congress was trying to pass a motion to have Gensler fired from the SEC started by Ohio State senator Warren Davidson:
https://twitter.com/WarrenDavidson/status/1668340800940556291?s=20
https://twitter.com/WarrenDavidson/status/1668305460368121857
"The time to restore sanity to @SECGov is NOW. #FireGaryGensler"
https://twitter.com/GOPMajorityWhip/status/1668320560869146634

Being the 4th of July would be a perfect day if this were to become a reality.

[Reid]

About a month ago the U.S congress was trying to pass a motion to have Gensler fired from the SEC started by Ohio State senator Warren Davidson:
https://twitter.com/WarrenDavidson/status/1668340800940556291?s=20
https://twitter.com/WarrenDavidson/status/1668305460368121857
"The time to restore sanity to @SECGov is NOW. #FireGaryGensler"
https://twitter.com/GOPMajorityWhip/status/1668320560869146634

Being the 4th of July would be a perfect day if this were to become a reality.

I like this idea.

Davidson's and Emmer's bill would remove Gensler from his position leading the SEC and restructure the commission to redistribute power from the chair to other commissioners, add a sixth commissioner to the body, and create an executive director position to oversee day-to-day operations.

And true, a perfect move for the perfect day.

Gensler appeared exasperated by the question, beginning to answer, "Sir," before being told to respond "yes or no."

"It was not something I was aware of," Gensler answered.

It all came from the link shared in Fox News.
https://www.foxnews.com/politics/house-republicans-introduce-bill-remove-sec-chair-gary-gensler
His answer is fishy. All they ask is a Yes or No but it seems he cannot answer a "No" too but that is where he is going. Maybe they should try adding a "Maybe."
Perhaps this will change the way SEC had been making a mess out of cryptocurrency attacks. The last time was 10+ of cryptocurrencies being charged for something and that includes Binance one of the leading exchanges in the industry.

Back to Bitcon ETF. With the change in SEC leadership, it might also speed up all the incoming applications without the abuser on power.

[rdbase]

August 13th was the scheduled date for the spot bitcoin ETF but many are doubting it will happen and is just the common tactic of the regulatory body to keep delaying it's approval just like they have been for the last few years.

21Shares by ArkInvest are the next in line to come and ask why also to make the statement:
"If the SEC approves a spot #Bitcoin ETF, it will approve more than one at once." - Cathie Wood ceo Ark Invest


Of course doing this would cause a god green candle effect through out the cryptocurrency market.
Will longlast relief in having institutional money set to flood into bitcoin.

[rdbase]

The date of the decision came and went. The only thing which was decided on was that ArkInvest approval for a bitcoin spot ETF was denied.
Not a big surprise with that decision as they were one of the last on the growing list of applicants looking for the SEC to finally make a final statement on it.

Some good news. More like a little light at the end of this long tunnel over the past couple of years:
"Former SEC official John Reed Stark has recently spoken on the current developments and believes that the SEC won’t approve a spot Bitcoin ETF anytime soon. However, he believes that the tides could change post the US Presidential Election 2024."
source: https://coingape.com/sec-official-republican-president-2024-approve-spot-bitcoin-etf

[Reid]

John Reed Stark. He has a long tweet just recently.

https://twitter.com/JohnReedStark/status/1690707913789112320?s=20

And Cointelegraph made an article about it.
https://cointelegraph.com/news/this-scenario-could-see-sec-gary-gensler-resign

John Reed Stark believes SEC chair Gary Gensler could throw in the towel, depending on a possible scenario to play out in 2024.

In an Aug. 13 tweet, the former SEC Office of Internet Enforcement chief predicted that a Republican President could drastically shift the crypto-regulatory tide, including the potential appointment of crypto-friendly Commissioner Hester Peirce to replace Gary Gensler as the agency's chairman.

Let's see how this will turn out.

Republican candidate Ron de Santis said he plans to “protect” Bitcoin and vowed to ban central bank digital currencies (CBDCs) if elected President.

I like this but I do wish this ain't just words from them to get more votes. With the cryptocurrency industry booming they might use it as their weapon to market themselves.

Despite a number of industry heavyweights from the world of traditional finance, such as BlackRock and Fidelity lodging applications for a spot Bitcoin ETF product, Stark believes the SEC will eventually reject all of the outstanding filings.

This connects to the recent news about The Jacobi Bitcoin ETF.

As previously reported by Cointelegraph, the offering was touted as the first spot or physical-backed Bitcoin fund which would allow investors to gain exposure to a financial product that is physically backed by BTC.

https://cointelegraph.com/news/europe-first-bitcoin-etf-hits-euronext-amsterdam-exchange

[rdbase]

Heard about the first spot bitcoin ETF getting approved in the EU just a few hours ago too.
EU’s First Spot Bitcoin ETF Goes Live On EuroNext Amsterdam Exchange
https://cryptonews.com/news/eus-first-spot-bitcoin-etf-goes-live-euronext-amsterdam-exchange.htm

Jacobi Asset management is a London based exchange.
Yet the news didn't budge the bitcoin price one bit after this news broke during the cryptocurrency trading day.

[rdbase]

Some good news today which sent cryptocurrency markets into a frenzy.
https://decrypt.co/154119/grayscale-wins-appeal-against-sec-to-convert-bitcoin-trust-to-etf
Not sure why as it is not an approval yet.

"The SEC and Grayscale have 45 days to appeal Tuesday’s court decision. If that happens, the case could either be sent to the U.S. Supreme Court or be subject to an en banc panel review, where all of the court’s judges would weigh in during a rehearing."

But a win is a win while bitcoin's price was at $25,900 before this news was released then after $27,900 and keeping steady for the time being.