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The value of Bitcoin has more than doubled in the past 12 months, bringing Bitcoin and crypto back into the spotlight – notwithstanding unexpected concerns about the US government and BlackRock’s possible Bitcoin spot exchange-traded fund (ETF) causing harm to Bitcoin. “Can.
Presently, as Bitcoin and crypto traders ponder over a BlackRock “discovery,” a prominent ETF analyst alleges that leaked U.S. Securities and Exchange Commission (SEC) discussions indicate that the agency is closely monitoring crypto ETF submissions. Negotiating with exchanges.
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More from Forbes Coinbase Reveals ‘Enormous’ $48 Trillion Opportunity Amid Bitcoin, Ethereum, XRP, Crypto Value Pump By Billy Bambrough
Bitcoin’s value has surged this year as expectations have risen that US regulators… [+] Approve the long-awaited Bitcoin spot exchange-traded fund (ETF).
AFP via Getty Images
“Listening to the SEC’s Trading & Markets conversations with exchanges this week on spot Bitcoin ETFs 19b-4s, they are being advised that they want the ETF to generate cash (vs. in-kind), and they are being advised to amend the next Said for a few weeks,” Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, Posted For X (Twitter). “It’s not unexpected but [a] Still a good sign.”
Cash or in-kind refers to the method of redemption of funds, with in-kind funds offering investors to leave the fund in addition to cash.
Bloomberg Intelligence ETF Analyst, James Seifert, “Update on the Spot Bitcoin ETF Saga.” commented There was no change to Balchunas’ post, adding that there was no change in the pair’s 90% probability prediction that a Bitcoin spot ETF would be approved this year. “Nothing groundbreaking. Nothing changes. But shows progress is still being made and things are moving forward.”
However, Gábor Gurbacs, founder of rewards app Pointsville and advisor to investment manager VanEck, cautioned that the SEC’s pursuit of a cash Bitcoin spot ETF is a “signal that regulators don’t do this.” [or are] Unwilling to understand and accept the best aspects of ETFs and Bitcoin. In-kind creations are far more efficient. Anyone who manages an ETF knows this,” Gurbax Posted To X.
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More from Forbes, A Legendary Billionaire Hits Bitcoin Amid $300 Billion Ethereum, XRP, and Crypto Value Surge By Billy Bambrough
The value of Bitcoin has soared this year, bouncing from a late-2022 low of around $15,000 per… [+] Bitcoin.
Forbes Digital Assets
Balchunas’ post led to a sharp rise in the value of bitcoin, rising from $36,000 per bitcoin to nearly $37,000, as bullish traders signaled that the SEC was about to approve the Wall Street giant’s bitcoin spot ETF applications, which combined for a combined $17.7 million. Take care of trillion dollars. The closely watched “window” closed.
Bitcoin’s value surged sharply in June when BlackRock, the world’s largest asset manager managing nearly $10 trillion on behalf of clients, applied to create a bitcoin spot ETF with Coinbase as custodian.