BTC/USD: Bitcoin ETFs Get SEC Nod After Decade of Trying, Price Steady Near $47,000

BTC/
USD: Bitcoin ETFs Get SEC Nod After Decade of Trying, Price Steady Near $47,000

Investors can now get their hands on Bitcoin in a regulated environment and hold the asset next to their stocks and bonds.

• A pack of 11 Bitcoin exchange-traded funds was approved Wednesday by the Securities and Exchange Commission, paving the way for institutions to own the original crypto. After 11 years of rejections by the regulator, spot Bitcoin ETFs are now available and the broad public can buy, hold, and sell Bitcoin in a compliant environment.
• Spot Bitcoin could be listed on exchanges as soon as Thursday. The first ones to offer trading are 11 ETF issuers, including BlackRock, Grayscale, Fidelity, Invesco, Ark Invest, and more. The price of Bitcoin floated sideways near $47,000 after the SEC’s decision was announced.
• But that can all change. According to analysts from Standard Chartered, the newly launched investment vehicles could add $50 billion to $100 billion this year to Bitcoin’s market cap, currently at $900 billion. After gaining a whopping 160% in 2023, Bitcoin prices have rallied about 10% since the start of 2024.

Illustration by TradingView
Jan 09
2024

BTC/USD: Bitcoin Prices Smash $47,000 as BlackRock, Grayscale, ARK Unveil ETF Fees

Price wars rage between asset managers just one day before the deadline for the SEC’s decision over the first spot Bitcoin ETF.

• Bitcoin prices (BTC/USD) gained around 9% to start the week, crossing the $47,000 threshold for the first time since March 2022. Elevated bidding swept the crypto market thanks to excitement over the first spot Bitcoin exchange traded fund in the US. With just a day left before the approval window runs out, a fee war has taken place.
• BlackRock, Grayscale, and ARK, the top three asset managers with pending Bitcoin ETF applications, unveiled their pricing structure. The ETF issuers are fighting for potential inflows even as the SEC has remained tight-lipped over the first-in-line ETF application, the one filed by ARK, with deadline looming Wednesday.
• BlackRock, the world’s largest asset manager, said in a filing it will charge clients 0.2% of the net asset value of the ETF for the first year or until reaching $5 billion. ARK Invest proposed to waive fees for the first six months or until it gets to $1 billion. And Grayscale said it will be asking for a 1.5% fee.

Illustration by TradingView
Jan 02
2024

BTC/USD: Bitcoin Tops $45,000 to Hit 21-Month High as ETF Approval Deadline Looms

The Securities and Exchange Commission may notify spot Bitcoin ETF applicants of its decision to approve or reject their filings as soon as today.

• The price of Bitcoin (BTC/USD) surged to a 21-month high, ringing in 2024 on a highly upbeat note. The orange coin jumped 7% on Tuesday to eclipse $45,000, peaking at a daily high of $45,500. A key week is unfolding, and investors are optimistic about what’s coming.
• The Securities and Exchange Commission is slated to reveal who will get the greenlight over the first US-based spot Bitcoin exchange-traded fund. More precisely, the first ETF to hold actual Bitcoin, not futures contracts, may arrive this week if the US regulator grants the go ahead.
• Starting today, through January 10, the Bitcoin ETF approval window is pushing demand for crypto assets across the board. Besides Bitcoin, Ethereum (ETH/USD) powered higher by 4% and Solana (SOL/USD) rocketed 13% to $115, riding its recent monster run. Broadly, the crypto market is zeroing in on a $1.8 trillion valuation for the first time since early 2022.