Bitcoin It held more than $46,500 on Tuesday morning after briefly touching $47,000 as the ETF race intensified. The cryptocurrency is up nearly 5% in the past 24 hours. While most market analysts say the SEC will approve a bitcoin spot ETF, some don’t expect it to happen. Yuwei Yang, chief economist at BIT Mining, said in an email to CoinDesk that he believes no Bitcoin ETFs will be approved in the near future. Instead, Yang expects the SEC to delay approvals for at least another 3 months. “It is still possible for delays to occur for some reasons or excuses, such as casting doubt on manipulative behaviors sometimes observed in the cryptocurrency market that remain unclear, and criminal or terrorist activities that some members of Congress have claimed cryptocurrencies are involved in,” Yang wrote. Other analysts believe the news has already been priced in, with Matteo Boccini, a trader at Crypto Finance, saying most market participants have been well positioned for some time now, limiting the upside potential.
BlackRock (BLK) and VanEck, two of the 13 companies hoping to launch Bitcoin (btc) US ETFs, filed Updated Documents on Tuesday. Filings indicate that the two were among the potential issuers who received comments from the SEC in the past 24 hours. CoinDesk previously reported that the SEC sent comments to a group of potential issuers just hours after the companies filed documents detailing their proposed product fees on Monday. Among the changes in the latest filing updated on Tuesday is language that seeks to mitigate harm to shareholders in the event of insolvency and avoid conflicts of interest between accredited participants in the ETF.
the discount Grayscale Bitcoin Trust (GBTC), the world’s largest bitcoin fund, fell to its narrowest level since April 2021 ahead of an expected conversion to a bitcoin exchange-traded fund. The data shows the discount narrowed to a low of 5.6% on Monday, reaching a level last seen in June 2021. The fund has been trading at a discount since February 2021 — reaching a high of nearly 50% in December 2022 — but the ETF’s outlook Acceptance and rising Bitcoin sentiment have steadily eroded the gap. GBTC shares closed Monday at $39. Each share holds $41.86 worth of bitcoin as of Tuesday. The trust does not have a built-in market mechanism to keep the GBTC share price trading close to the underlying value of Bitcoin – which opens up discounts and premiums that traders can use as part of a trading strategy.