U.S. Securities and Exchange Commission Chairman Gary Gensler says the SEC is taking a new look at spot Bitcoin (BTC) exchange-traded funds (ETFs) in light of recent court rulings. In a recent interview with CNBC, Gensler spoke about the raft of pending BTC ETF applications being reviewed by the SEC. “I’m a chair of a […]
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According to Swan Bitcoin CEO Cory Klippsten, Bitcoin ETFs are set to replace the chaotic entry points tainted by flashy crypto marketing campaigns since 2017.
Swan Bitcoin CEO Cory Klippsten has suggested that spot Bitcoin (BTC) exchange-traded funds (ETF) will suppress the loud and flashy marketing strategies that have served as the initial gateway for many into the crypto space since 2017.
During a recent interview with Bloomberg on December 1, Klippsten reiterated that Bitcoin ETFs offer an alternative entry into the market at a time when it has been tainted by well-funded crypto marketing schemes:
“The past six years from 2017 through 2023, the top of the funnel for people looking to get into Bitcoin has been extremely noisy, polluted by all of the crypto marketing schemes funded by $50 billion of venture capital, trying to essentially market and dump crypto tokens.”
He went on to clarify that an ETF functions similarly to an IOU for the product, differentiating it from a futures-based alternative.
"I think it's a great top of funnel for people to get into Bitcoin and then if they want to go a little deeper and explore it, and hold more," he stated.
Moreover, aligning with the views of fellow crypto analysts who posit a "clear runway" for Bitcoin ETF approval in January, Klippsten expressed a similar optimism.
"That window seems to have been narrowed to January 8th, 9th, or 10th.
In a recent interview with Bloomberg, Mike Belshe, CEO of crypto exchange BitGo, stated that the market structure needs to improve before the U.S. SEC will grant approval for Bitcoin ETFs.
Mike Belshe, CEO of cryptocurrency exchange BitGo, has suggested that all indications are leaning towards a favorable outcome for a spot Bitcoin (BTC) exchange-traded fund (ETF). However, he emphasized that the journey ahead won't be without challenges.
In an interview with Bloomberg on November 16, Belshe explained that based on the discussions taking place between firms seeking Bitcoin ETF approval and the United States Securities and Exchange Commission (SEC), he holds an optimistic view that approval is imminent.
However, he pointed out that improving the market structure is a must before the SEC grants ultimate approval for a Bitcoin ETF:
“I think it is quite likely we have another round of ETF rejections before we get the positive news.”
Belshe reiterated the SEC's stance on separating crypto exchanges from custodians, emphasizing that this condition must be addressed before approvals are granted.
Furthermore, he referenced Sam Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX, claiming that he was trying to make FTX a multifaceted operation:
“15 months ago we had Sam Bankman-Fried marching all over Washington D.C. advocating his seven key points of regulations. He basically said, let me take on all these functions, it is going to be great, it is going to be efficient."
Related: WisdomTree amends S-1 form spot Bitcoin ETF filing as crypto awaits SEC decisions
This follows reports indicating that the excitement surrounding the potential approval of a spot Bitcoin ETF led to a significant surge in fees on the Bitcoin blockchain in recent times.
On November 16, the fees paid on the Bitcoin blockchain soared to $11.6 million, marking a 746% increase in the average transaction fee compared to a year ago.
According to Cointelegraph's market analysis, Bitcoin is holding steady near 18-month highs, surpassing its bear market trading range.
There are currently 12 asset management firms waiting to hear outcomes for Bitcoin ETF applications. According to Bloomberg analyst James Seyffart, there's a 90% chance of approvals by January 10, 2024.
Magazine: Bitcoin ETF optimist and Worldcoin skeptic Gracy Chen: Hall of Flame
Hong Kong is reportedly weighing the possibility of allowing spot cryptocurrency exchange-traded funds (ETF). In a new Bloomberg report, Hong Kong’s Securities and Futures Commission CEO Julia Leung outlines what it would take for spot crypto ETFs to be authorized in the city-state. “We welcome proposals using innovative technology that boosts efficiency and customer experience. […]
The post Hong Kong Considering Crypto ETFs as Part of Effort To Become Leading Digital Asset Hub: Report appeared first on The Daily Hodl.
The latest data reveals that the first Bitcoin (BTC) exchange-traded fund (ETF) registered its highest weekly trading volume since its inception. According to senior Bloomberg ETF analyst Eric Balchunas, BITO – the BTC futures ETF released by ProShares – recorded $1.7 billion in trading volume while the Grayscale Bitcoin Trust (GBTC) saw $800 million. Balchunas […]
The post First Bitcoin Futures ETF Registers $1,700,000,000 in Trading Volume Last Week: Bloomberg Analyst appeared first on The Daily Hodl.
On-chain data provider CryptoQuant says that the approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) could boost the price of BTC by triple-digit percentage points. In a new report, CryptoQuant says that billions of dollars would flow into the BTC market and consequently more than double […]
The post Spot Bitcoin ETF Could Trigger a 155% BTC Explosion, According to CryptoQuant- Here’s the Timeline appeared first on The Daily Hodl.
A former executive at global investment titan BlackRock says US regulators will likely give their nod to all spot Bitcoin (BTC) exchange-traded fund (ETF) applications at once. During a panel discussion at CCData’s Digital Asset Summit in London, ex-BlackRock managing director Martin Bednall, who is now the CEO of Jacobi Asset Management, says that the […]
The post U.S. SEC Will Probably Approve All Spot Bitcoin ETFs at the Same Time, Says Ex-BlackRock Managing Director appeared first on The Daily Hodl.
Global investment firm VanEck is preparing to roll out an Ethereum (ETH) futures exchange-traded fund (ETF) amid an optimistic outlook for the first-ever US futures ETF based on the second-largest crypto asset by market cap. In a statement published on Thursday, the firm says the VanEck Ethereum Strategy ETF (EFUT) will not directly invest in […]
The post Global Investment Manager VanEck To Launch Ethereum (ETH) Futures Exchange-Traded Fund appeared first on The Daily Hodl.
Bloomberg Intelligence senior macro strategist Mike McGlone just issued an alert to investors, warning that Bitcoin’s (BTC) latest correction may hint at what’s coming next. McGlone tells his 60,000 followers on the social media platform X that crypto’s rise to prominence in a time of zero interest rates could spell trouble for the nascent industry […]
The post Bloomberg Analyst Issues Bitcoin Alert, Says BTC Correction Is ‘Telling Us Something’ – Here’s His Outlook appeared first on The Daily Hodl.
A senior analyst at the global asset management fund Bernstein says that multiple altcoin exchange-traded funds (ETFs) are likely to materialize if a spot Bitcoin (BTC) ETF gets approved. Gautam Chhugani, who also works as a managing director of global digital assets at Bernstein, says Grayscale’s legal victory over the U.S. Securities and Exchange Commission […]
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