Wall Street is closely watching an $8.8 trillion pile of cash that could quickly fuel a major market rally, according to a new report. Investors are anticipating a seismic shift in the trillions of dollars that has piled up in money markets, reports the Wall Street Journal. Capital poured into money market funds over the […]
The post $8,800,000,000,000 ‘Pile of Cash’ Has Wall Street Anticipating Major Market Rally: Report appeared first on The Daily Hodl.
A crypto lobbying group with little publicly available information is gearing up to advocate for digital assets ahead of this year’s US presidential election, according to a new report. CNBC reports that a “mysterious” nonprofit called “The Cedar Innovation Foundation” was incorporated in Delaware in April. The group’s website and account on the social media […]
The post ‘Mysterious’ Crypto Lobbying Group Sets Up Near Washington D.C. as US Elections Approach: Report appeared first on The Daily Hodl.
The anonymous host of InvestAnswers is predicting that the approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) will trigger massive inflows from Wall Street giants. The analyst tells his 447,000 YouTube subscribers that investing giants Fidelity Investments, Charles Schwab, Citadel, Deutsche Bank, BlackRock, Nomura and Franklin Templeton collectively have $25.22 trillion in assets under […]
The post Spot Bitcoin ETFs Could Send BTC Skyrocketing by Over 3,200%, Says InvestAnswers Host – Here’s the Timeline appeared first on The Daily Hodl.
A seasoned Wall Street investor is issuing a warning that the Fed’s long battle with inflation is likely not yet over. In a new interview with Kitco News, Custodia Bank chief executive Caitlin Long says that the Fed will surprise people and continue to raise interest rates. Long says her prediction is based on her […]
The post Wall Street Veteran Caitlin Long Warns of More Rate Hikes, Says Recession Is Already Happening in the US appeared first on The Daily Hodl.
Several prominent financial institutions have filed for a spot Bitcoin product in recent months.
Asset manager Franklin Templeton applied to the United States Securities and Exchange Commission (SEC) on Sept. 12 to launch a Bitcoin (BTC) spot exchange traded fund (ETF). The application comes after the SEC delayed decisions on applications from WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise and Invesco BTC spot ETF applications on Aug. 31 and a court ruling Aug. 29 that the SEC must consider Grayscale’s application to covert its BTC futures ETF into a spot ETF.
According to the application, the fund is structured as a trust. Coinbase will custody the BTC and Bank of New York Mellon will be the cash custodian and the administrator.
This is a developing story, and further information will be added as it becomes available.
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!
— Lark Davis (@TheCryptoLark) June 21, 2023
- Blackrock
- Fidelity
- Invesco
- Wisdom Tree
- Valkyrie
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.
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.
— Pomp (@APompliano) June 21, 2023
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?
Related: Grayscale Bitcoin Trust nears 2023 highs on BlackRock ETF filing as buyers step up
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.
— Dylan LeClair (@DylanLeClair_) June 21, 2023
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
Magazine: Hall of Flame: William Clemente III tips Bitcoin will hit six figures toward end of 2024
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