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Cryptocurrencies are entering a period of intense and eventful days. Or at least, today feels like it. We have been longing for days filled with consecutive significant developments. This year has mostly been occupied with news about lawsuits and bankruptcies. But things are changing.
Will the Spot Bitcoin ETF be Approved?
Yes, it will most likely be approved because the SEC has run out of options to avoid it. The recent letter sent by US Representatives stated, “Don’t take steps that you won’t be able to account for in the future.” If the SEC is going to approve the ETF in the future, why not do it now? After all, the decision in the GBTC case was highly favorable for cryptocurrency investors and was reached unanimously.
Despite regulatory pressure, lawsuits, and negative macro factors, we have always said that cryptocurrency has enough good news to sustain itself. Today’s rise in BTC can also be attributed to several events. In general, news follows the price in the crypto world. If BTC falls to $20,000 today, there are plenty of news articles that will support it.
Returning to our topic, Bloomberg ETF expert Eric Balchunas mentioned an important detail about the recent spot BTC ETF postponements.
“Yes, while the SEC delayed spot bitcoin applications last week, they also sent comments to issuers to consider their S-1 applications. This is a departure from the previous pattern of delays and subsequent denials. Although the timeline is uncertain, it is a positive sign.”
Bitwise CIO also stated on CNBC today that the SEC has been more constructive this year. At least the cessation of negative discrimination can be considered a positive development.
Ethereum Futures ETFs
With the courage gained from recent approvals and the GBTC decision, Grayscale has applied to convert its ETH trust into an ETF. Today, three ETFs have started trading on the stock market. It is expected that other funds listed in the table below will also be available for trading soon. Bloomberg expert Eric Balchunas said the following:
“AND THEY’RE OFF… The Ether Futures Derby has begun. VanEck is slightly ahead, but some have yet to leave the gate. We will publish updates as we progress.”
At the time of writing, the ETH price has dropped to $1,711 as BTC has pulled back slightly (after reaching a peak of $28,580).
