US Spot Bitcoin ETFs Achieve Fourth Day of Consecutive Inflows

July 11, 2024 Bitcoin.com

CoinShares International Acquires Valkyrie Funds After Approval of the Firm’s US Spot Bitcoin (BTC) ETF

January 12, 2024 The Daily Hodl

BlackRock Taps JPMorgan, Jane Street As Authorized Participants for Spot Market Bitcoin ETF: Bloomberg Analyst

December 31, 2023 The Daily Hodl

SEC delays spot Bitcoin ETF decision for BlackRock, Invesco and Bitwise

September 28, 2023 Coin Telegraph

Bitcoin

Invesco, Bitwise and Valkyrie were also hit with delays by the U.S. Securities and Exchange Commission.

The United States Securities and Exchange Commission has delayed its decision on several proposals for spot Bitcoin (BTC) exchange-traded funds (ETFs), including BlackRock, ahead of an anticipated government shutdown.

The spot Bitcoin ETF applications of Invesco, Bitwise and Valkyrie were also delayed by the SEC, according to separate Sept. 28 filings, while Bloomberg ETF analyst James Seyffart is expecting the applications from Fidelity, VanEck and WidsomTree to also be pushed back by the securities regulator.

ANOTHER: @BlackRock joins the party on spot #Bitcoin ETF delays. Three out of seven down. https://t.co/Cn9DSibqf8 pic.twitter.com/eJTzDNInCi
— James Seyffart (@JSeyff) September 28, 2023

Seyffart expected the delays due to a U.S. government “shutdown” potentially taking place on Oct. 1.

Both chambers of Congress — the House and Senate — haven’t agreed on various funding bills to finance government operations, which has put the short-term future of the U.S. government in jeopardy.

Congress needs to pass 12 separate full-year funding bills by Oct. 1 to avoid a shutdown.

The latest delays came two weeks earlier than the scheduled second deadline date for many applicants, many of whom were expecting to hear from the securities regulator by Oct. 16–19.

The SEC delayed a bundle of spot Bitcoin ETF applicants in early September, when the first deadline was approaching.

Meanwhile, the third set of deadlines for the seven firms is around mid-January, and they could also be delayed. The SEC will have to make a final decision by mid-March at the very latest.

In late August, Bloomberg ETF analyst Eric Balchunas estimated that the probability of a spot Bitcoin ETF being approved by the end of 2023 had increased to 75% (from an earlier 65%).

He cited the unanimity and decisiveness at which the U.S. Court of Appeals Circuit reached its decision in Grayscale’s court win over the SEC as the main reason behind the odds increasing.

Balchunas further raised those odds to 95% by the end of 2024.

Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in

Ethereum futures ETFs could start trading next week — Bloomberg analyst

September 28, 2023 Coin Telegraph

Coin Telegraph

An impending US government shutdown may be accelerating the launch of Ethereum futures ETFs, analysts suggest.

Ethereum futures exchange-traded funds (ETFs) could start trading for the first time in the United States as early as next week, according to Bloomberg analysts.

On Sept. 28, Bloomberg Intelligence analyst James Seyffart said it was “looking like the SEC is gonna let a bunch of Ethereum futures ETFs go next week potentially.”

His comments were in response to fellow ETF analyst Eric Balchunas who said he was hearing that the SEC wanted to “accelerate the launch of Ether futures ETFs.”

“They want it off their plate before the shutdown,” he said, adding that he's heard the various filers to update their documents by Friday afternoon so they can start trading as early as Tuesday next week.

Looking like the SEC is gonna let a bunch #Ethereum futures ETFs go next week potentially https://t.co/YoBD1d1ay8
— James Seyffart (@JSeyff) September 28, 2023

The U.S. government is expected to shut down at 12:01 am ET on Oct. 1 if Congress fails to agree on or provide funding for the new fiscal year, which is expected to impact the country's financial regulators among other federal agencies.

Neither specified their sources for this latest update on the long list of crypto ETFs in the queue.

There are 15 Ethereum futures ETFs from nine issuers currently awaiting approval, according to the analysts in a Sept. 27 note.

The analysts gave Ethereum futures ETFs a 90% chance of launching in October with Valkyrie’s Bitcoin futures product (BTF) poised to become the first to hold Ethereum exposure on Oct. 3.

“We expect pure Ethereum futures ETFs to start trading the following week thanks to Volatility Shares’ actions.”

However, “we don’t expect all of them to launch,” said the analysts.

Bitcoin ETFs have 75% chance of approval this year: Bloomberg analysts

August 31, 2023 Coin Telegraph

Bitwise

Bloomberg ETF analysts raised their odds for a spot Bitcoin ETF approval after the recent Grayscale victory against the SEC.

Bloomberg analysts have raised the probability for an approved spot Bitcoin exchange-traded fund (ETF) by the end of 2023, following a recent Grayscale victory against the federal securities regulator.

In a Aug. 30 post on X (Twitter), Bloomberg senior ETF analyst Eric Balchunas said they have raised the chances to 75% from an earlier 65% — due to the unanimity and decisiveness at which the United States Court of Appeals Circuit reached its decision in the recent case.

“The judges unanimously repudiated the SEC’s arguments, and the agency will struggle to justify further denials as it faces deadlines,” Bloomberg analysts James Seyffart and Elliot Stein added in a separate Aug. 30 note.

NEW: @JSeyff & I are upping our odds to 75% of spot bitcoin ETFs launching this yr (95% by end of '24). While we factored Grayscale win into our prev 65% odds, the unanimity & decisiveness of ruling was beyond expectations and leaves SEC w "very little wiggle room" via @NYCStein pic.twitter.com/IyEGmWjuHa
— Eric Balchunas (@EricBalchunas) August 30, 2023

In his own post on X, Seyffart added that spot Bitcoin ETF approvals will likely be a “done deal” by Q4 2024, estimating the approval odds to have now skyrocketed to 95% by then.

Balchunas added that given the recent legal and public relations loss, a denial by the SEC will be “politically untennable.”

Beyond the legal loss, there is also the PR loss (which matters bc it sets narratives, changes minds). And this got covered far and wide in mainstream media incl NYT, WSJ, CNN, AP, ABC & on and on. We think the legal and PR loss will combine to make denial politically untenable. pic.twitter.com/Uarh5CszXC
— Eric Balchunas (@EricBalchunas) August 30, 2023

Over the next five days, seven Bitcoin spot ETF applications are due for a “first deadline” decision by the SEC, including Bitwise, BlackRock, VanEck, Fidelity, Invesco, Wisdomtree and Valkyrie.

Balchunas said he “wouldn’t be surprised” if the SEC delays these upcoming Bitcoin spot ETF applications.

But the most likely outcome will be that we unexpectedly wake up to the SEC giving in and approving the Bitcoin spot ETFs in one hit, he said.

Magazine: Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M

Bitcoin ETFs to push US slice of crypto ETF trading volume to 99.5% — Analyst

August 11, 2023 Coin Telegraph

Bitcoin mining

Approval of spot Bitcoin ETFs in the United States will likely push the country's share of crypto ETF trading volumes even higher, says a Bloomberg analyst.

The United States could make up for 99.5% of the global trading volume for crypto-related exchange-traded funds (ETF) — but only if spot Bitcoin ETFs are approved, according to a Bloomberg ETF analyst.

Currently, North America accounts for 97.7% of all crypto ETF trading volume, Bloomberg senior ETF analyst Eric Balchunas revealed in an Aug. 10 X (Twitter) post.

“If/when spot ETFs come out in the U.S. this will likely go to like 99.5%,” he speculated.

*Global crypto ETF trading volume: Source: Eric Balchunas on X (Twitter)*

There is currently a long list of spot Bitcoin ETF applications awaiting approval from the Securities and Exchange Commission. The regulator is scheduled to give its decision on Ark Invest’s and 21Share’s joint ARKB fund by Aug. 13, though a delay has been widely expected.

During a Bloomberg interview on Aug. 7, Ark CEO Cathie Wood speculated the regulator could be waiting to approve multiple funds at the same time.

On Aug. 10 Bitwise filed an updated prospectus to change its BITC fund from a Bitcoin futures ETF to the "Bitwise Bitcoin and Ether Equal Weight Strategy ETF". The move mirrors one by Valkyrie on Aug. 5 changing its BTC Futures ETF (BTF) to include Ethereum Futures.

“Cannonball Run in effect,” commented Balchunas on Aug. 11.

Crypto-related ETFs top performance charts

Meanwhile, Balchunas also noted that the top 15 exchange-traded funds in terms of performance all have exposure to crypto and blockchain.

“Every single one of the Top 15 best-performing equity ETFs this year is crypto-related.”

The Valkyrie Bitcoin Miners ETF was the top performer with a return of 227% since the beginning of 2023. WGMI is an actively managed fund available through Nasdaq that invests in public companies in the Bitcoin mining industry such as Marathon Digital, Riot, and Cipher Mining.

Many of the top-listed mining firms have seen their stocks outperform Bitcoin this year which could explain the stellar performance of products such as WGMI.

The VanEck digital transformation ETF was second on the list with a return of 182% so far this year. The DAPP fund also tracks a number of crypto mining and technology firms. These include Coinbase, MicroStrategy, Galaxy Digital, Canaan, and Hive.

Every single one of the Top 15 best performing equity ETFs this year is crypto-related. $WGMI leading way w +227%. Finally attracting flows too, altho pretty modest considering these perf numbers. This is part of our monthly Crypto ETF Report via @JSeyff & @SirYappityyapp pic.twitter.com/iPIHhH82Jr
— Eric Balchunas (@EricBalchunas) August 10, 2023

Other leading crypto-related ETPs included the Global X Blockchain ETF (BKCH) with 168% YTD, Bitwise Crypto Industry Innovators ETF (BITQ) also returning 168%, and Invesco’s Alerian Galaxy Crypto Economy ETF (SATO) with 162% so far in 2023.

Asia Express: China’s risky Bitcoin court decision, is Huobi in trouble or not?

Monochrome revises filing for spot Bitcoin ETF at Aussie stock exchange

July 14, 2023 Coin Telegraph

Australian stock exchange

The CEO believes investors will be inclined to seek exposure to Bitcoin in a more familiar, structured and protected regulatory environment.

Australian-based crypto investment firm Monochrome Asset Management has updated its application to offer a spot Bitcoin (BTC) exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) through its partner Vasco Trustees.

The ETF — Monochrome Bitcoin ETF — will be able to offer retail Australian investors direct exposure to Bitcoin and Ether (ETH), according to the firm’s July 14 announcement.

Australia joins the #Bitcoin race.#spot #bitcoinetf @MonochromeAsset https://t.co/hqXb9RY5HL pic.twitter.com/KEEXHQ9Eo6
— Jeff (@jeffyew_) July 13, 2023

Speaking to Cointelegraph, Monochrome CEO Jeff Yew explained that by obtaining a license, Australian retail investors would be exposed to Bitcoin within a formidable regulatory landscape:

“Through a Bitcoin ETF, it makes it possible for them to buy and use the asset class in however they see fit with the investment choices [and] in a regulated manner, and also operating within the regular regulatory perimeter.”

“So that is the benefit, I guess, compared to, say, unregulated exchanges where there’s no investor protection,” he added.

Yew believes that if a Bitcoin ETF goes live on ASX, it will send a “clear signal” to traditional investors that the “unregulated Wild West is coming to an end” because their investments will be backed by a “familiar,” “structured” and “protected environment.”

Vasco, its “Responsible Entity Partner,” is authorized under an Australian Financial Services Licence to offer retail investors regulated exposure to the cryptocurrency market, the firm stated.

Spot Bitcoin ETF applications have been a focus point for the industry lately, particularly in the United States. In recent weeks, the industry has seen spot Bitcoin ETF filings from major financial firms, including Fidelity, Invesco, Wisdom Tree, Valkyrie and the $10 trillion asset management firm BlackRock.

Magazine: Should you ‘orange pill’ children? The case for Bitcoin kids books

Bitcoin remains ‘primary focus’ for investors amid year highs: CoinShares

July 4, 2023 Coin Telegraph

blackrock

Bitcoin investment products have experienced $310.6 million in inflows over the last two weeks.

Bitcoin (BTC) has been the “primary focus” for institutional investors over the last two weeks, according to Coinshares, as the cryptocurrency continues to hit new prihighs for 2023.

In a July 3 report from CoinShares’ Head of Research James Butterfill, the analyst noted that Bitcoin-related products saw $310.6 million of inflows over the last two weeks, representing the vast majority of crypto product inflows.

“Bitcoin remained the primary focus of investors [...] with the last 2 weeks inflows representing 98% of all digital asset flows,” said Butterfill.

*Bitcoin weekly inflows. Source: CoinShares*

The last two weeks of inflows are a reversal from the previous nine consecutive weeks of outflows. Short Bitcoin products also experienced a minor outflow of $0.9 million over the last week.

It’s the second time this year that Bitcoin products have accounted for 98% of inflows into cryptocurrency investment products, and comes amid a surge in Bitcoin’s price and dominance.

*Bitcoin accounted for 98% of digital asset investment product inflows over the last fortnight. Source: CoinShares.*

Much of this surge has been pinned on BlackRock’s June 15 spot Bitcoin ETF application, followed by similar filings from the likes of Fidelity, Invesco, Wisdom Tree and Valkyrie.

Since the filing, the price of Bitcoin has increased 25.2% to $31,131 at the time of writing. Bitcoin's dominance — which is a measure of its market cap relative to the total market cap of all cryptocurrencies — has risen to 51.46%, according to data.

Bitcoin Fear and Greed Index is 64 — Greed
Current price: $31,158 pic.twitter.com/Tl8vVQp9GA
— Bitcoin Fear and Greed Index (@BitcoinFear) July 4, 2023

Meanwhile, Ethereum investment products inflows came in at $2.7 million last week, the second week of inflows that have reversed a lengthy outflow trend.

Speaking to Cointelegraph on June 26, Fireblocks CEO Michael Shaulov said there has been a “fair amount of interest” from institutional investors in core assets such as Bitcoin and Ethereum, but less so in alternate cryptocurrencies.

“The narrative around Ethereum is pretty much the understanding that future ecosystems of tokenizeation are likely to be EVM-based. And if they’re EVM based, then Ethereum is going to play out as utility.”

Shaulov said the narrative around Bitcoin has been less specific, but notes that most investors see the need to hold the cryptocurrency.

Magazine: Hall of Flame: William Clemente III tips Bitcoin will hit six figures toward end of 2024

‘The Great Accumulation’ of Bitcoin has begun, says Gemini’s Winklevoss

June 22, 2023 Coin Telegraph

Anthony Pompliano

With spot Bitcoin ETFs filings helping boost the price of Bitcoin, some suggest the “window to front-run institutional demand is closing.”

Recently renewed optimism for an approved Bitcoin (BTC) spot exchange-traded fund (ETF) is igniting “The Great Accumulation Race” for Bitcoin, according to industry pundits.

Over the past week, Fidelity, Invesco, Wisdom Tree and Valkyrie have followed investment giant BlackRock in applying for a Bitcoin spot ETF with the United States Securities Exchange Commission, which some analysts believe is the reason for Bitcoin’s 19% price surge to $30,240 since June 16.

5 Bitcoin ETF applications in 5 days!
- Blackrock
- Fidelity
- Invesco
- Wisdom Tree
- Valkyrie
— Lark Davis (@TheCryptoLark) June 21, 2023

Cameron Winklevoss, the co-founder of cryptocurrency exchange Gemini, stated on June 21 that he believe“The Great Accumulation” of Bitcoin has begun between institutions and retail investors.

He suggested that buying Bitcoin prior to the ETFs hitting the public market is akin to that of a pre-Initial Public Offering purchase and suggested that the “floodgates” for buying Bitcoin are “closing fast.”

The Great Accumulation of bitcoin has begun. Anyone watching the flurry of ETF filings understands the window to purchase pre-IPO bitcoin before ETFs go live and open the floodgates is closing fast. If bitcoin was the most obvious and best investment of the previous decade, this…
— Cameron Winklevoss (@cameron) June 21, 2023

MicroStrategy Chair Michael Saylor weighed in on the subject in his own post, suggesting that retail investors may soon be pushed aside by increasing institutional demand:

“The window to front-run institutional demand for Bitcoin is closing.”

Bitcoin is currently trading hands for $30,240, while the Crypto Fear and Greed index has skyrocketed from 49 (Neutral) to 65 (Greed) in just the last two days.

*Bitcoin Fear and Greed Index at 65 as of June 22. Source: Alternative.me*

In a June 21 interview with CNBC, Bitcoin investor Anthony Pompliano said he expects a tug-of-war to play out between retail investors and Wall Street:

“We have institutions and individuals scrambling to try to get their share of the 21 million Bitcoin that will ever be in existence. The retail investor for 15 years now has a head start and has accumulated all the Bitcoin that’s been mined and put into circulation, but 68% of that hasn’t moved in a year.”

“People forget that bitcoin went from $0 to nearly $1 trillion market cap with almost no institutional participation,” said Pompliano in a June 21 Twitter post.

So when “Wall Street and BlackRock show up to the market,” Pompliano expects Bitcoin to become “highly illiquid” because retailers “don’t want to sell to Wall Street,” he added during the CNBC interview.

BlackRock shows up and bitcoin is up 20% for the week.

People forget that bitcoin went from $0 to nearly $1 trillion market cap with almost no institutional participation.

If retail investors were good for $1T, what do you think happens when the deep pockets come play?
— Pomp (@APompliano) June 21, 2023

Meanwhile, Dylan LeClair, a Bitcoin analyst and founder of 21st Paradigm explained that Bitcoin’s price is now “extremely inelastic” — “more so than ever” — amid the recent ETF filings, which are serving as a “catalyst” for large amounts of new flows into the market.

However, LeClair predicts that no ETF application will be approved by the SEC until January or February 2024 at the earliest.

Bitcoin's supply is extremely inelastic, more so than ever currently.

A spot ETF is obviously a catalyst for a large amount of new flows to come into the market, which not only has changed the narrative but has prompted others to front run said future flows.

TLDR: Send it. pic.twitter.com/Jd8Gm8o3Mx
— Dylan LeClair (@DylanLeClair_) June 21, 2023

Magazine: Hall of Flame: William Clemente III tips Bitcoin will hit six figures toward end of 2024

Valkyrie

Crypto-related ETFs top performance charts

Share this video