The digital currency hit a new all-time high for the first time since November 2021 when it passed $69,000 on Tuesday morning, as demand surged in recent weeks following the spot bitcoin ETF approvals in the U.S. and the pending bitcoin halving in late April.
Bitcoin halving, which is usually referred to as “the halvening,” is a periodic decline in bitcoin mining rates, which means the number of bitcoin miners can potentially get for each block mined is cut in half.
This process is meant to control the supply of bitcoin over time and once the number of bitcoin in circulation hits 21 million, its total supply, the process will end.
The price jump increase is also being driven by the 11 spot bitcoin ETFs the U.S. Securities and Exchange Commission approved in January.
The total market cap across the spot bitcoin ETF products is $53.74 billion, according to Blockworks data.
How low can bitcoin ETF fees drop before it hurts a business?
On Thursday, Franklin Templeton’s Franklin Bitcoin ETF ranked sixth among the 11 for first day trading volume at $65.45 million by the end of the day.
(Note: A number of issuers, Franklin included, are waiving fees for a limited time.)
There’s reason to believe that spot bitcoin ETFs and other related products that may come to market will see strong demand over time, and major investment houses want a piece of the action.
An additional preexisting $2.3 billion from Grayscale’s GBTC fund, which converted into a spot bitcoin ETF on Wednesday, brought the 11 issuers’ total to $4.6 billion.
Fast-forward to Wednesday and the SEC approved the first spot bitcoin ETF applications for 11 issuers (TC+).
I spoke with two executives from Grayscale and Valkyrie about what’s in store for their spot bitcoin ETFs.
Anyways, that’s enough housekeeping and spot bitcoin ETF news for today.
And now, Grayscale’s bitcoin spot ETF was approved.
We dive into what a spot bitcoin ETF approval means for GBTC and market demand.
It’s been a long road for spot bitcoin ETF filers – and today the U.S. Securities and Exchange Commission finally approved all 11 standing applications from issuers.
“We always knew the investor sentiment would get there, regulators would get there and the financial advisor community would get there.”Grayscale, a digital asset investment firm that was one of the 11 firms to file for a bitcoin spot ETF, is best known for its Grayscale Bitcoin Trust (GBTC), which has now been converted, or “uplisted,” into its new bitcoin spot ETF product.
The 10 other issuers are BlackRock’s iShares Bitcoin Trust, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETP Trust, WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin ETF, Valkyrie Bitcoin Fund, Hashdex Bitcoin ETF and Franklin Bitcoin ETF.
While futures ETFs marked a big milestone in 2021, Sonnenshein believes the most critical one that brought these bitcoin spot ETF approvals was the D.C.
Circuit Court of Appeals’ ruling in favor of Grayscale against the U.S. Securities and Exchange Commision in the case of a bitcoin spot ETF in the Summer of 2023.
It’s been over a decade since the first application for a spot bitcoin ETF was filed.
After a number of denials over the years, the U.S. Securities and Exchange Commission has approved all 11 applications from spot bitcoin ETF issuers, marking a potential watershed moment for the crypto industry and potentially opening the floodgates by making it easier for institutional investors and consumers alike to invest in the biggest digital asset.
The issuers are BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETP Trust, WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin ETF, Valkyrie Bitcoin Fund, Hashdex Bitcoin ETF and Franklin Bitcoin ETF.
In 2021, BITO, the first bitcoin-linked futures ETF in the U.S., launched and immediately saw a lot of demand during its first year.
It eventually grew to become one of the largest and most traded crypto ETFs., according to ProShares data.
SEC’s X account hacked, sharing ‘unauthorized tweet’ regarding spot bitcoin ETF The agency has "not approved" the listing and trading of spot bitcoin ETFs, chair Gary Gensler saysThe U.S. Securities and Exchange Commission’s X account has been hacked, a spokesperson confirmed with TechCrunch on Tuesday afternoon.
The unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff,” the spokesperson said.
The unauthorized post has since been deleted.
Around 4:30 p.m. EST, SEC Chair Gary Gensler tweeted, “The @SECGov twitter account was compromised, and an unauthorized tweet was posted.
The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.”After the fake post went out, Bitcoin’s price spiked near $48,000 but has since fallen around $45,700, according to CoinMarketCap data.
The SEC might finally approve spot bitcoin ETFs on Wednesday after denying applications for more than a decade.
Counting market movements, it could be $20 billion total AUM in spot bitcoin ETFs.” Valkyrie is one of 11 applicants for a U.S. spot bitcoin ETF; the other firms are BlackRock, Grayscale and Fidelity, among others.
But it was back in the end of September, beginning of October, when we’re launching our ETH futures ETF.
When we got an inclination that [the] spot bitcoin ETF was coming soon, we said OK, well, bitcoin futures ETFs are basically going to go away when a spot bitcoin ETF launches.
So we converted our bitcoin futures ETF into a strategy to invest in both ETH and bitcoin.
Bitcoin ETFs, Carta’s latest mess, and let’s go to the MoonListen here or wherever you get your podcasts.
Tech stocks aren’t moving too much this morning as the market digests the Boeing mess.
Bitcoin ETFs: And this is why.
A rush of new filings this morning showed that bitcoin spot ETFs are targeting a very low-fee structure as they compete for investor dollars.
A rush of new filings this morning showed that bitcoin spot ETFs are targeting a very low-fee structure as they compete for investor dollars.
