Hello, traders! The past week brought some fascinating developments, and I've decided to share my insights and pose a question regarding the recent news.
Let's start. In the world of futures ETFs, these financial instruments offer investors the chance to speculate on the price movements of assets like oil or Bitcoin, all without having to possess the underlying asset itself. I can't emphasize this enough – you're betting on the price action, not the asset.
Now, let's talk about these future ETFs. They may seem like nothing more than paper contracts, with no direct influence on the spot price of the asset. But here's the kicker: they do wonders for Ethereum's visibility and reach in the market.
Moving on to our next point: Ethereum's journey into the ETF realm puts it in fierce competition with Bitcoin for a coveted Spot ETF approval. The race is on, with a queue of filings already forming.
Just a short while ago, Grayscale made a significant move by filing to convert their massive $5 billion Ethereum private trust (
ETHE
) into an ETF. That's a big deal, folks.
But here's the thing to remember: while Ethereum ETFs are gaining momentum, the Bitcoin ETFs have been in line for quite some time. We all know that Spot ETFs are the ones that truly matter in this game. So, when can we expect a Bitcoin Spot ETF?
Chances are, it's coming soon.
Just last week, Congress sent a clear message to Gary Gensler, the SEC Chair, demanding an end to the discrimination against Bitcoin ETFs. They urged Gensler to approve a Spot Bitcoin ETF, arguing that it would protect investors. With BlackRock and Congress throwing their weight behind this, the SEC can't procrastinate indefinitely.
That's why we believe that a Bitcoin Spot ETF might arrive sooner than later – possibly even within this year. Keep in mind that the SEC is set to make decisions on seven filings this month. And if they decide to delay, they'll still need to give a final verdict on nine more filings by March 2024. It's highly unlikely that they'll reject all of them.
So, in all likelihood, we'll see a Bitcoin Spot ETF by March 2024 at the latest. And once that milestone is reached, an Ethereum Spot ETF might be the next big thing.
Now, let's talk about why the crypto and web3 space is looking exceptionally bullish right now. We've got a Bitcoin Spot ETF approaching, backed by BlackRock and Congress. Ethereum is getting a boost from futures ETFs, pushing it further into the traditional finance realm. The macroeconomic environment is improving, and historically, October and November have been bullish months for crypto.
Adding to the excitement is the upcoming Bitcoin halving scheduled for April 2024. It's a combination that makes this an incredibly enticing time to be in the markets.
Oh, and did I mention that BlackRock is in the running for the Spot Bitcoin ETF? They wield control over a staggering $10 trillion in assets and have a track record of 575-1 for getting ETFs approved by the SEC.
So, traders, what are your thoughts on this exciting future?
Let's start. In the world of futures ETFs, these financial instruments offer investors the chance to speculate on the price movements of assets like oil or Bitcoin, all without having to possess the underlying asset itself. I can't emphasize this enough – you're betting on the price action, not the asset.
Now, let's talk about these future ETFs. They may seem like nothing more than paper contracts, with no direct influence on the spot price of the asset. But here's the kicker: they do wonders for Ethereum's visibility and reach in the market.
Moving on to our next point: Ethereum's journey into the ETF realm puts it in fierce competition with Bitcoin for a coveted Spot ETF approval. The race is on, with a queue of filings already forming.
Just a short while ago, Grayscale made a significant move by filing to convert their massive $5 billion Ethereum private trust (
ETHE
) into an ETF. That's a big deal, folks. But here's the thing to remember: while Ethereum ETFs are gaining momentum, the Bitcoin ETFs have been in line for quite some time. We all know that Spot ETFs are the ones that truly matter in this game. So, when can we expect a Bitcoin Spot ETF?
Chances are, it's coming soon.
Just last week, Congress sent a clear message to Gary Gensler, the SEC Chair, demanding an end to the discrimination against Bitcoin ETFs. They urged Gensler to approve a Spot Bitcoin ETF, arguing that it would protect investors. With BlackRock and Congress throwing their weight behind this, the SEC can't procrastinate indefinitely.
That's why we believe that a Bitcoin Spot ETF might arrive sooner than later – possibly even within this year. Keep in mind that the SEC is set to make decisions on seven filings this month. And if they decide to delay, they'll still need to give a final verdict on nine more filings by March 2024. It's highly unlikely that they'll reject all of them.
So, in all likelihood, we'll see a Bitcoin Spot ETF by March 2024 at the latest. And once that milestone is reached, an Ethereum Spot ETF might be the next big thing.
Now, let's talk about why the crypto and web3 space is looking exceptionally bullish right now. We've got a Bitcoin Spot ETF approaching, backed by BlackRock and Congress. Ethereum is getting a boost from futures ETFs, pushing it further into the traditional finance realm. The macroeconomic environment is improving, and historically, October and November have been bullish months for crypto.
Adding to the excitement is the upcoming Bitcoin halving scheduled for April 2024. It's a combination that makes this an incredibly enticing time to be in the markets.
Oh, and did I mention that BlackRock is in the running for the Spot Bitcoin ETF? They wield control over a staggering $10 trillion in assets and have a track record of 575-1 for getting ETFs approved by the SEC.
So, traders, what are your thoughts on this exciting future?