Its now obvious that the acceptance of a spot Bitcoin ETF is one of the eagerly anticipated catalysts for Bitcoin in the lead up to the upcoming Bitcoin halving. Asset managers like Fidelity have been waiting for the SEC's approval for their spot in the Bitcoin ETF for more than a year. The application submitted in June by BlackRock which is the largest asset manager in the world, to have its spot Bitcoin ETF approved, raised expectations that it would be successful and brought attention to the topic of spot Bitcoin ETFs.
Crypto asset manager Grayscale scored a popular victory against the SEC in August, when the court ruled against the SEC's decision to outrightly reject Grayscale's application to convert the largest Bitcoin trust fund, GBTC, into a spot Bitcoin ETF. The SEC was given till midnight on October 13 to appeal the court order or review Grayscale's application
The applicants for spot ETFs have come a long way in resolving the SEC's concerns about such ETFs. A number of applicants such as Fidelity, BlackRock, and Invesco, have just submitted an updated prospectus that offers thorough details on important facets of their spot ETF product, such as the adoption of effective market surveillance mechanisms, improving the safety of assets under management, and utilizing GAAP-compliant reporting mechanisms.
BlackRock has amended its spot Bitcoin ETF application. By emphasizing its custody agreements with Coinbase, the risks associated with Bitcoin's volatility, and the intricacies surrounding Bitcoin's value, BlackRock responds to some of the SEC's concerns in this amended application. BlackRock stated that it will calculate fair value and create the trust's monthly financial statements in accordance with FASB ASC 820. Fidelity filed an updated ETF app five days ago
last Monday the misleading tweet from Cointelegraph claimed the approval of BlackRock's spot Bitcoin ETF immediately spread throughout the crypto community and caused a huge increase in Bitcoin's price, which peaked at 30k dollar. The market's response to this fake report shows how eager and anticipatory people and traders are to learn whether a spot Bitcoin ETF will eventually be approved. Since then, Cointelegraph has apologized for the false information after 100 million dollar manipulation! While this incident was an isolated case of misinformation,it highlights the potential impact that a genuine ETF approval could have.
since then bitcoin got the bullish sentiment and bulls ready to hit 31k and 32k $
Crypto asset manager Grayscale scored a popular victory against the SEC in August, when the court ruled against the SEC's decision to outrightly reject Grayscale's application to convert the largest Bitcoin trust fund, GBTC, into a spot Bitcoin ETF. The SEC was given till midnight on October 13 to appeal the court order or review Grayscale's application
The applicants for spot ETFs have come a long way in resolving the SEC's concerns about such ETFs. A number of applicants such as Fidelity, BlackRock, and Invesco, have just submitted an updated prospectus that offers thorough details on important facets of their spot ETF product, such as the adoption of effective market surveillance mechanisms, improving the safety of assets under management, and utilizing GAAP-compliant reporting mechanisms.
BlackRock has amended its spot Bitcoin ETF application. By emphasizing its custody agreements with Coinbase, the risks associated with Bitcoin's volatility, and the intricacies surrounding Bitcoin's value, BlackRock responds to some of the SEC's concerns in this amended application. BlackRock stated that it will calculate fair value and create the trust's monthly financial statements in accordance with FASB ASC 820. Fidelity filed an updated ETF app five days ago
last Monday the misleading tweet from Cointelegraph claimed the approval of BlackRock's spot Bitcoin ETF immediately spread throughout the crypto community and caused a huge increase in Bitcoin's price, which peaked at 30k dollar. The market's response to this fake report shows how eager and anticipatory people and traders are to learn whether a spot Bitcoin ETF will eventually be approved. Since then, Cointelegraph has apologized for the false information after 100 million dollar manipulation! While this incident was an isolated case of misinformation,it highlights the potential impact that a genuine ETF approval could have.
since then bitcoin got the bullish sentiment and bulls ready to hit 31k and 32k $
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watch 32k
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Trade active:
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we hit all targets
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data show that the total net positive inflow of the seven spot BTC ETFs is $400 million, of which FBTC has a net inflow of $227 million, IBIT has a net inflow of $112 million, EZBC has a net inflow of $50.1 million, and HODL has a net inflow of $10.6 million.
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on February 28, the daily trading volume of GBTC and nine other new spot Bitcoin ETFs was close to $8 billion, setting a record high, of which BlackRock IBIT’s trading volume reached $3.346 billion, FBTC trading volume reached US$1.444 billion, both setting new records
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BlackRock Bitcoin ETF now holds more BTC than MicroStrategy.
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Why is the Bitcoin price recovering?
1. Three days ago, when the Bitcoin price was at $65.5k, I informed you about the possibility that the price correction may be over because huge profits were realized, amounting to $2.7B.
2. On the other hand, the selling pressure weakened because short-term holders have stopped realizing losses on the price correction.
3. New USDT has been minted and as you can see, there is a strong correlation between the market cap of USDT and the price of Bitcoin.
4. Additionally, we can see huge BTC inflows to the accumulation addresses, and their reserves hit an all-time high.
5. There is one more important change in long-term investors' behavior.
Distribution is weakening
1. Three days ago, when the Bitcoin price was at $65.5k, I informed you about the possibility that the price correction may be over because huge profits were realized, amounting to $2.7B.
2. On the other hand, the selling pressure weakened because short-term holders have stopped realizing losses on the price correction.
3. New USDT has been minted and as you can see, there is a strong correlation between the market cap of USDT and the price of Bitcoin.
4. Additionally, we can see huge BTC inflows to the accumulation addresses, and their reserves hit an all-time high.
5. There is one more important change in long-term investors' behavior.
Distribution is weakening
Comment:
we are in rekt retail phase
dont do degen high leverage trade
dont do degen high leverage trade
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Bitcoin's fourth mining-reward halving is just two days away. The quadrennial event will reduce BTC's per block emission to 3.125 BTC from 6.25 BTC. Though bulls were in the driver's seat following each of the three halvings, the magnitude and the time taken to reach the eventual peak differed
