In a recent development, Invesco and Galaxy Asset Management have joined the ongoing battle over fees in the spot Bitcoin ETF space. The two companies announced that the Invesco Galaxy Bitcoin ETF (BTCO) will now have an expense ratio of 0.25%, reduced from its previous 0.39%. The fund will waive its fees for the initial...Read More
The industry is bustling with the trading of the newly introduced spot Bitcoin ETF in the United States, yet there’s no equivalent for Ethereum. However, Jag Kooner, Bitfinex’s Head of Derivatives, suggests that the approval of a Bitcoin ETF could impact the SEC’s view on an Ethereum ETF, likely influenced by Ether’s classification as a security...Read More
The primary focus continues to be on spot Bitcoin ETFs and Hong Kong players do not want to be left behind. Harvest Fund Management’s Hong Kong branch is the latest entity to apply for a spot Bitcoin exchange-traded fund (ETF) with local regulators. This move aligns with Hong Kong’s preparations for its first wave of...Read More
On Monday, January 29, Google is set to update its advertising policies to allow select cryptocurrency products to be promoted on its main search engine. The revised guidelines are expected to significantly impact spot Bitcoin exchange-traded funds (ETFs), with industry insiders speculating that they may align well with the updated criteria. Google’s Policy Update The...Read More
According to CC15Capital, which has been trading spot ETF Bitcoin holdings, around 134,000 BTC has been bought by the nine newly launched funds since Jan. 11. Meanwhile, Bitcoin’s price is pushing above $42K. This stash is currently valued at around $5.6 billion. However, the figure does not include outflows from Grayscale. GBTC holders have been...Read More
Analysts at market intelligence platform CryptoQuant have revealed that BTC’s price bottoming signal can not be triggered until unrealized profit margins for short-term holders reach -10%. According to the CryptoQuant Institutional Insights weekly crypto report, short-term holders’ profit margins have approached zero, and this has caused ease in selling pressure. However, the leading digital asset...Read More
According to a Matrixport Research analysis report shared with CryptoPotato on Jan. 26, Bitcoin prices may retest lower support around $36,000 to $38,000 if ETF hype fully unwinds. However, this would present buying opportunities for investors, according to Markus Thielen, Head of Research at Matrixport. “Sub-38,000, the ETF hype might be completely priced out and...Read More
The Grayscale Bitcoin Trust (GBTC) has recorded massive outflows since the United States Securities and Exchange Commission (SEC) approved its conversion and listing as a spot Bitcoin exchange-traded fund (ETF). This has led to a significant plunge in its Bitcoin (BTC) stash, and from the look of things, the withdrawals are not slowing down. According...Read More
Bitcoin’s value dipped below $39,000 this week, erasing almost all gains made in the last two months, which were fueled by expectations of approval for a spot BTC ETF in the United States. But the introduction of the much-anticipated funds ended up being a classic “sell-the-news” event. The term is a well-established concept in capital...Read More
Bitwise’s Chief Investment Officer, Matt Hougan, has pointed to excessive expectations surrounding the approval of Exchange-Traded Funds (ETFs) as the primary cause of the recent price falls in cryptocurrencies. Contrary to popular belief, Hougan argued that the sell-off was not directly tied to ETFs but rather to the market’s anticipation of their approval and subsequent...Read More
Last year, the value of Coinbase Global Inc. shares experienced a significant increase, partly fueled by optimism surrounding the imminent launch of spot bitcoin ETFs. However, JPMorgan analyst Kenneth Worthington is expressing concerns that this positive sentiment may now flip to bearish. In fact, the potential for significant profits in the crypto industry resulting from...Read More
According to the Financial Times, European brokers are slashing spot Bitcoin ETF fees after Invesco and WisdomTree reduced theirs by over 60% on European BTC products. The decision comes as the U.S. Securities and Exchange Commission (SEC) recently approved spot Bitcoin ETFs from major players like BlackRock, Fidelity, and Invesco, resulting in an influx of...Read More
Bitcoin ETF issuers, except for Grayscale, have collectively acquired more than 86,000 BTC at an average price of $42,000, an investment of $3.63 billion, according to on-chain analyst Ali on X. The sustained high trading activity shows investors’ ongoing interest and engagement in recently launched Bitcoin ETFs. Bitcoin ETFs Show Resilience Among Bitcoin ETF issuers,...Read More
Chris J Terry, a crypto market analyst, has recently predicted that Bitcoin’s (BTC) price could either remain stagnant or decline until the $25 billion liquidation of GBTC is finalized. Mike Novogratz, the founder of Galaxy Digital, holds a different view. He argues that despite the anticipated GBTC sell-offs, most investors will shift their focus to...Read More
Digital asset investment products experienced modest withdrawals of $21 million last week. However, this overall figure doesn’t reflect the significantly elevated trading activity, with Bitcoin alone witnessing trading volumes of $11.8 billion. This amount is seven times higher than the typical weekly trading volume observed in 2023, according to the latest report by CoinShares. US...Read More
Roughly a week after the United States Securities and Exchange Commission (SEC) approved the first wave of spot Bitcoin exchange-traded funds (ETFs), BTC investor demand in the country has slumped. According to a weekly report from market intelligence platform CryptoQuant, the weak BTC demand from U.S. investors is evident in crypto exchange Coinbase’s premium turning...Read More
The Spot Bitcoin Exchange-Traded Fund (ETF), a new product in the financial market, has just wrapped up its first week of trading. This event marks several key milestones in blending crypto with mainstream financial markets. Launched amid high expectations, the Spot Bitcoin ETF is a crucial move, providing a more regulated and safer option for...Read More
Crypto market analysis platform CoinGecko has provided a breakdown of the industry’s growth in 2023 amid optimism and anticipation about several events this year, including the recent approval of spot Bitcoin exchange-traded funds (ETFs) and the upcoming Bitcoin halving. According to the report, the market witnessed substantial growth in several areas, including decentralized finance (DeFi),...Read More
Perhaps the most important development in terms of global validation for BTC in its 15-year-long history came last week when the US Securities and Exchange Commission finally greenlighted nearly a dozen spot Bitcoin ETFs to be traded on financial markets. These approvals were long-anticipated by the crypto community, as well as traditional investors, but they...Read More
In a recent discussion with CNBC, Grayscale’s CEO, Michael Sonnenshein, shed light on the company’s decision to offer the highest fee among the 11 issuers of spot Bitcoin ETFs in the United States. Amid this 1.5% fee, Grayscale’s newly converted spot Bitcoin ETF has attracted the most substantial trading volumes compared to other issuers. Sonnenshein...Read More
Following its initial hostile outlook on the spot Bitcoin exchange-traded fund (ETF), the South Korean government may be giving a second thought to its stance on the financial product. This movement is driven by comments from Sung Tae-yoon, the recently appointed South Korean Presidential Chief of Staff, and an analysis from the Industrial Bank of...Read More
Ripple CEO Brad Garlinghouse has expressed his validation of the United States Securities and Exchange Commission’s decision to authorize financial institutions to offer investors spot Bitcoin exchange-traded fund (ETF) products. In a recent interview with FOX Business, the Ripple boss noted that the approval from the financial regulator is a step closer to bringing cryptocurrencies...Read More
The U.S. Securities and Exchange Commission (SEC) has extended the deadline for making a decision on Fidelity’s proposal for a spot Ethereum exchange-traded fund (ETF) to March 5, as indicated in a filing on Thursday. This delay coincides with the submission of five other applications for leveraged Bitcoin ETFs seeking approval from the SEC. SEC...Read More
Nine of the newly launched spot Bitcoin ETFs saw a 34% increase in trading volume on Jan. 18 compared to the previous day. “Normally, with a hyped-up launch, you see volume steadily decrease each day post-launch, rare to see it reverse back up,” observed senior ETF analyst Eric Balchunas on January 19. Eight of the...Read More
Cathie Wood’s ARK Investment Management LLC is actively acquiring shares of its recently introduced spot Bitcoin ETF, intensifying the competition among the initial issuers. The ARK Next Generation Internet ETF (ARKW) divested $16 million from its position in the futures-backed ProShares Bitcoin ETF (BITO) on Tuesday. This move was made to accommodate the purchase of...Read More
In an interview with Bloomberg, Rachel Aguirre, the head of product at BlackRock U.S. iShares, revealed that the firm’s spot Bitcoin ETF (IBIT) has witnessed a surge in inflows, predominantly coming from retail investors and newcomers to the cryptocurrency space. This revelation follows the impressive performance of IBIT, which has maintained its lead in total...Read More
Grayscale, a prominent American digital asset management company has encountered substantial outflows in its Spot Bitcoin ETF, Grayscale Bitcoin Trust (GBTC). Many expert analysts attribute the outflows to factors such as elevated trading fees and potential accounting irregularities. Grayscale’s bumpy journey Despite obtaining approval for its Spot Bitcoin ETF from the United States Securities and...Read More
Jurrien Timmer, Fidelity’s Director of Global Macro, has expressed the view that the current trends in Bitcoin’s price suggest a short-term positioning adjustment rather than a long-term trend reversal in a thread on X. According to Timmer, the current BTC sales are perceived as a short-term phenomenon, characterized as a “hangover” following the launch of...Read More
Mutual fund and ETF provider VanEck has announced plans to delist the VanEck Bitcoin (BTC) Strategy ETF from the Chicago Board Options Exchange (CBOE) after January 30. The fund – which trades under the ticker XBTF – is a Bitcoin futures ETF. That means it offers investors Bitcoin price exposure through investing in Bitcoin futures...Read More
Even with significant capital flowing into the recently introduced spot Bitcoin ETFs, the anticipated positive influence on BTC’s price is yet to materialize. Bitcoin experienced a decline of more than 5% following the approvals last week. In contrast, Ethereum recorded an almost 8% rise over the same period despite struggling to sustain the $2,600 level....Read More
