BTC hovers above $61K amid US regulators against physical product Bitcoin ETF

[saltomanx1x]

Amid renewed concerns over US regulators' acceptance of physical Bitcoin ETFs (exchange-traded funds) later this year, Bitcoin hovered above $61K on first approval in the United States.

What do you think about the new concerns that will occur in the future?

source : https://cointelegraph.com/news/btc-price-hovers-above-61k-amid-fresh-concerns-over-fate-of-physical-bitcoin-etf

[Tytanowy Janusz]

Who cares about BTC ETF? There are already plenty of ways to trade BTC no matter if you are small retail investor or one of the biggest company (tesla). I've never heard someone saying that he wants to invest in BTC but he miss ETF option so he give up on that and wait for better investment options. Not even a single time.

I see each bubble is the same. China FUD, ETF/ETP/CME hype than again china FUD and start once again. Guys from 1 month to infinity years period it does not matter at all if this ETF will be aproved now, next month or never.

[cryptomaniac_xxx]

As I have said previously, seems that the price is already price in so I'm not expecting a huge movement. Even prior the news of the so called approval, the price is really on a rally and even breaking the mental barrier of $60k. So I don't think that it will trigger another huge rally, maybe breaking $63k barrier or having a new all time high. But to make a huge jump to like $70k-$80k this month just because of the news? I don't think it will have enough push.

[hugeblack]

We started Q4 of 2021 and it's epic as the profits are easy and fast and many people are venturing to buy Bitcoin as the price can break the $100k barrier and therefore I don't think anyone will care about these BTC ETF.
The price was not rising for this reason, but as expected, the 61k barrier may be the bottom for the next two months.

So, in short, Bitcoin has become bigger than ETF.

[RealMalatesta]

Who cares about BTC ETF? There are already plenty of ways to trade BTC no matter if you are small retail investor or one of the biggest company (tesla).

I do not think that it will be appropriate to underestimate the powers of stock markets of USA kind of country. Bitcoin ETF will enable people to buy/hold/trade bitcoin like any other stocks with the same margin which meant for their usual stock related activities. So, there would be definite impact we could expect when we get bitcoin ETF hits live markets.

(Gold ETF should be considered here for good example, even gold is limited by 250k metric tons, we could buy/trade more than that with the help of ETF; similarly bitcoin ETF will help more than 21 million people to buy and hold more than 1 bitcoin each, theoretically).

in short, Bitcoin has become bigger than ETF.

I agree, still consider this scenario: bitcoin already got 1 trillion marketcap hence it does not need any individual investor who are going to buy 0.001 or lesser BTC. I strongly believe we still need them and the same applies for bitcoin ETF as well.

[DeathAngel]

Physically backed bitcoin etf’s have been rejected for years. I don’t see why that’s going to have any effect on tge price at all. We are about to enter the peak of this bull run. There is no FUD left on the table now, it’s all been exhausted, we are about to moon.

[eaLiTy]

Amid renewed concerns over US regulators' acceptance of physical Bitcoin ETFs (exchange-traded funds) later this year, Bitcoin hovered above $61K on first approval in the United States.

The hype of ETF is going around for a while and even during the last rally in 2018 this topic of ETF getting accepted was a hot topic and even now 3 years after that we are talking about this as if the regulators will be accepting ETF, i am not sure we will see that happen just yet and we can talk about this topic during the next halving and rally rather than having high hopes now.

[palle11]

ETF or no etf has been a discussion on bitcoin for some years back and the acceptance of bitcoin has not stopped but has been fully adopted by some countries and we'll known in this light yet is El Salvador without ETF.  This shows that it won't be a major expectation for bull, bitcoin has risen despite the ongoing debate on Etf. Investors have not been worried on that because bitcoin has gone unstoppable with many ways to trade or hodl it.

[GreatArkansas]

This Bitcoin ETF for me is still not 100%, but whatever will happen in the future, denied or approved, for me, there will always effect on the market.
To be honest, even there are some people who don't want Bitcoin ETF, it is expected to happen, just like what happened on Gold before.
Even there is Bitcoin ETF or no Bitcoin ETF, Bitcoin will always Bitcoin.

[Slow death]

What do you think about the new concerns that will occur in the future?

as I said in the last post the biggest problem is if sec postpones or rejects this physical bitcoin ETF and the market reacts negatively and starts a big price drop, people are buying a lot with high expectations of an approval and that's bad, because they can sell in case of bad news

[sheenshane]

This Bitcoin ETF for me is still not 100%, but whatever will happen in the future, denied or approved, for me, there will always effect on the market.
To be honest, even there are some people who don't want Bitcoin ETF, it is expected to happen, just like what happened on Gold before.
Even there is Bitcoin ETF or no Bitcoin ETF, Bitcoin will always Bitcoin.

I tend to agree because Bitcoin even without ETF the adoption was continued and it kept spreading, as we can see there's a lot of legalization happen in most parts of the country and I think one of the reasons why Bitcoin price plunged too much and hovers above $60k plus range within this month and I think, this Q4 of this year Bitcoin has a good sign of massive growth.

What do you think about the new concerns that will occur in the future?

Legal tender worldwide? (sounds quite impossible thou)  It seems already triggered by El  Salvador.

[Fundamentals Of]

Forget about Bitcoin ETF for now. If the SEC would remain persistent in not approving any, that is not a loss to Bitcoin. That is a loss to the country and its people who will be deprived of a certain way to access Bitcoin funds. But they could still buy the actual Bitcoin if they want to. Bitcoin ETF in the US is more about the SEC and the country and less about Bitcoin itself. Bitcoin would still rise anyway. On the other hand, would US be updated with the new financial revolution if they remain with their old ways? They will be left behind.

[pooya87]

It is funny how some people ignore the fact that price has been rising for about 3 weeks now and focus on the past couple of days that a meaningless news about a bitcoin ETF came out and think the rise is because of that

As it was pointed out earlier nobody cares about bitcoin ETFs, at least not anymore. Back in 2017 it was overhyped and market reacted to the news but it was also overused so it lost its glamour. So at this point, 4 years later and about 200 ETF rejections in US and a bunch of ETFs in other countries, people stopped giving a crap about whether or not US approves a bitcoin ETF or not.

[adaseb]

I still can’t find any source which says it was approved. All I read is that they didn’t delay or deny it yet. I also have no idea when they will be able to launch it for trading. Will it be tomorrow, next week or next month.

The issue with this futures ETF is obviously the premium they will have to pay everytime they roll the contracts. This is similar to the crude oil etf which is never ideal for long term investment. For long term investment you might be actually better off with GBTC.

[Twinkledoe]

I still can’t find any source which says it was approved. All I read is that they didn’t delay or deny it yet. I also have no idea when they will be able to launch it for trading. Will it be tomorrow, next week or next month.

The issue with this futures ETF is obviously the premium they will have to pay everytime they roll the contracts. This is similar to the crude oil etf which is never ideal for long term investment. For long term investment you might be actually better off with GBTC.

You can read the below links :

https://www.bloomberg.com/news/articles/2021-10-15/proshares-signals-first-u-s-bitcoin-etf-could-launch-on-monday

https://www.coindesk.com/policy/2021/10/15/sec-approves-bitcoin-etf-opening-crypto-to-wider-investor-base/
"The filing indicated Oct. 18 as the approximate date for the proposed launch of the fund, which will trade on the NYSE Arca Exchange and charge a management fee of 0.95%."

It was already approved, but this monday is the expected launching of the fund.

So for those who are using NYSE Arca Exchange, maybe you can check how to trade btc.

https://www.nyse.com/quote/index/NYXBT

[adaseb]

snip

Yes this is what I read on Friday, the keyword there is "could". The title of the article is first bitcoin futures exchange "may" go live on Monday. The words "could" and "may" don't make it a concrete deal. There was an SEC letter floating around which says that Nasdaq approved the listing, however they sent this to the SEC and not from the SEC. It just means they could list it for trade pending approval.

That NYSE ticker you included is not an actual stock to trade. Its just an index. There is no volume there. It just some benchmark which takes various Coinbase, Bitstamp prices and shows it. This is not the new BTC ETF ticker. This is something else. The BTC ETF price will be completely different, wont be in the same units as BTC is.

[Tytanowy Janusz]

I do not think that it will be appropriate to underestimate the powers of stock markets of USA kind of country. Bitcoin ETF will enable people to buy/hold/trade bitcoin like any other stocks with the same margin which meant for their usual stock related activities. So, there would be definite impact we could expect when we get bitcoin ETF hits live markets.

Nah... There are already planty of options to trade bitcoin. I'm not only crypto trader, I use exante for stock/bonds/funds/REITs. They allow me to buy foreign stocks from all around the world and guess what? They have 86 crypto to trade... I can already trade 86 crypto right from my stock trading account. Tell me more how BTC ETF will change my world and finally allow people to trade BTC XD Who wants to be exposed to bTC volatility ... have an option to do that. BTC ETF is just another one.

(Gold ETF should be considered here for good example, even gold is limited by 250k metric tons, we could buy/trade more than that with the help of ETF; similarly bitcoin ETF will help more than 21 million people to buy and hold more than 1 bitcoin each, theoretically).

Wrong. ETF is an asset backed 1:1 with real asset. So when you buy ETF, found is buying real btc to back it. That's the only way ETF price is pegged to real asset price. So it will not "help more than 21 million people to buy and hold more than 1 bitcoin each"

ETF its not the same as Derivatives.

It is funny how some people ignore the fact that price has been rising for about 3 weeks now and focus on the past couple of days that a meaningless news about a bitcoin ETF came out and think the rise is because of that

As it was pointed out earlier nobody cares about bitcoin ETFs, at least not anymore. Back in 2017 it was overhyped and market reacted to the news but it was also overused so it lost its glamour. So at this point, 4 years later and about 200 ETF rejections in US and a bunch of ETFs in other countries, people stopped giving a crap about whether or not US approves a bitcoin ETF or not.

Can't wait for 2025 bubble. BTC will dump from 600k to 300k because of "china ban crypto FUD, but this time for real" but pump right after to 1 mln $ thanks to new ETF rumours.

[cryptoaddictchie]

This adds to the massive adoption of btc. Even without etfs there are plenty of markets where users can trade btc. I think the approval of etf just shows that the world is ready for a widesprrad adoption on blockchain. Well its US who started this and it will served as a hype news everyday for our cryptocommunity. Btc that is being cursed or called scam before are now rising on the top of every investment out there.

[rahmatrf331]

Worth worrying about when the price of bitcoin soared from $52k to $62k within a week. Bitcoin is a volatile market that cannot be accurately predicted by many bitcoin analysts. I see US regulators of physical Bitcoin ETF products having a significant impact on the current bullrunning market. so it doesn't hurt to continue to be wary of falling prices in the future.

[Oceat]

Worth worrying about when the price of bitcoin soared from $52k to $62k within a week. Bitcoin is a volatile market that cannot be accurately predicted by many bitcoin analysts. I see US regulators of physical Bitcoin ETF products having a significant impact on the current bullrunning market. so it doesn't hurt to continue to be wary of falling prices in the future.

You aren't worried about how Bitcoin surpasses the $40k from $30k before? I think that's worth worrying too.

Anyway, whether the SEC approve it or not it's still doesn't matter though, they've gone for years and yet look where Bitcoin now? It's just the people anticipate too much about the possible approval of ETF yet this isn't the real reason why Bitcoin is pumping. It's more like an adoption is coming to continue to support Bitcoin in the process.

I think people now realized what is the advantage of bear market before the bull market. I wish they would since it's happening over and over again since the past bull run and bear market.