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JPMorgan analysts said in a note on Thursday that Bitcoin’s downside pressure could be easing amid a downtrend in GBTC outflows. Grayscale’s GBTC has seen over $4.3 billion in outflows amid profit-taking. Bitcoin price hovered around $39,800 as bulls struggled to reclaim the $40k level. The selling pressure that hit Bitcoin ( BTC ) in the aftermath of the approval of spot Bitcoin ETFs has largely eased off, according to analysts at JPMorgan . A research note the analysts at the bank, led by Nikolaos Panigirtzoglou published on Thursday, suggests that the level of outflows witnessed with Grayscale ’s G BTC shows the expected profit-taking has already occurred. GBTC outflows reducing, but… On Wednesday, January 24, GBTC outflows hit $425 million for the day, a scenario Bloomberg’s senior ETF analyst Eric Balchunas said was the “lowest bleed since day one.” While still a large figure, the amount decline showed the o...

Several potential issuers met with the SEC to discuss their spot Bitcoin ETFs, adding to hopes that harmonized approvals may be on the horizon.  The United States Securities and Exchange (SEC) held calls with spot Bitcoin ETF filers, including BlackRock, Valkyrie, ARK 21Shares, Franklin Templeton, Fidelity, VanEck, and Grayscale on Dec. 21 regarding their respective bids for investment vehicles that would hold crypto’s largest token. According to documents on the Commission’s website, issuers reportedly spoke with staff from the SEC’s divisions of corporation finance, trading, and market. Fox Business initially reported the news and noted multiple conversations between companies and the SEC. JUST IN: BlackRock had it's 6th official meeting with the SEC about its spot #Bitcoin ETF yesterday pic.twitter.com/j3MmrXm8vl — Bitcoin Magazine (@BitcoinMagazine) December 22, 2023 Filings at press time had confirmed SEC meetings with seven of 13 potential Bitcoin ET...

There’s an eight day window between Nov. 9 and Nov. 17 where all 12 spot Bitcoin ETF filings could be approved by the SEC, according to Bloomberg ETF analysts James Seyffart and Eric Balchunas. The United States Securities and Exchange Commission could approve all 12 of the pending spot Bitcoin (BTC) exchange traded fund (ETF) applications within the next eight days.  Bloomberg ETF analysts James Seyffart and Eric Balchunas wrote that starting from Nov. 9 the SEC has a “ window ” to approve all 12 spot Bitcoin ETF filings — including Grayscale’s conversion of its GBTC trust product — in the days leading up to Nov. 17, but stressed this was only a possibility. New Research note from me today. We still believe 90% chance by Jan 10 for spot #Bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur pic.twitter.com/u6dBva1ytD — James Seyffart (@JSeyff) November 8, 2023 “Delay orders were issued ...

Eleanor Terrett, a Fox Business journalist, shared a post on X reminding the public that the U.S. Securities and Exchange Commission (SEC) has until midnight to appeal the Grayscale bid for a spot Bitcoin ETF. If they don’t, then in one week, the case will be closed, and Grayscale can move forward in the approval process. Getting the ball rolling Today, Oct. 13, is the day the SEC must make a decision in response to the D.C. Circuit Court of Appeals’ ruling. Either the regulatory body must file an appeal with the United States Supreme Court, formally petitioning the Appeals Court to reconsider its judgment, or abiding by the court’s directive issued in August. This directive stipulates a comprehensive assessment of Grayscale’s request to transform its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF). NEW: The @SECGov has until midnight tonight to appeal the @Grayscale decision. If they don’t, then in seven days from now the case will be c...

From accusing the SEC of suppressing Bitcoin to suggesting alternatives, the community showed varied responses to Grayscale’s legal challenge against the SEC. As Grayscale’s application to convert the Grayscale Bitcoin Trust (GBTC) into a Bitcoin (BTC) exchange-traded fund (ETF) got denied, the firm launched a legal challenge against the United States Securities and Exchanges Commission (SEC). Following these events, the community responded with various reactions, from accusing the SEC of price manipulation to suggesting different solutions.  ThatsMRcurmudgeon2u, a Redditor who introduced himself as a securities lawyer also weighed in on the matter. According to the Reddit user, many anticipated the lawsuit as SEC chair Gary Gensler as they made it clear that they want exchanges to register with the SEC. The Redditor also accused the SEC of “holding GBTC hostage.” Lawyer Jake Chervinsky tweeted that the ETF denial is "deeply disappointing," and it defies federal law and co...

Crypto asset manager Hashdex has ignited excitement by submitting an application to the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin ETF. The filing outlines that the Hashdex Bitcoin ETF intends to directly source its Bitcoin assets from exchanges affiliated with the Chicago Mercantile Exchange market. Seasoned analysts, including James Seyffart from Bloomberg, have dissected the application, revealing a strategy primarily centered on exchange-traded position transactions.  UPDATE: We have another entrant into the spot #bitcoin ETF race. @hashdex has filed to be able to hold spot bitcoin in their bitcoin futures ETF — $DEFI pic.twitter.com/zH0noPFw4l — James Seyffart (@JSeyff) August 25, 2023 This method involves trading futures contracts in exchange for equivalent spot exposure, differentiating it from direct cash purchases on other exchanges. You might also like: Europe’s new spot Bitcoin ETF boosts market share: BDSwiss The spot Bitcoin...

Bloomberg’s senior ETF analyst believes BlackRock has an even chance of getting its Bitcoin ETF green-lit, as Grayscale looks more likely to win its case against the SEC. Investment management firm BlackRock has a 50% chance of getting its spot Bitcoin (BTC) Exchange Traded Fund (ETF) approved , says Bloomberg’s senior ETF analyst Eric Balchunas.  Balchunas’ prediction comes following an observation made by Elliott Stein, a senior litigation analyst for Bloomberg Intelligence, who now pegs the chance s of Grayscale winning its case against the SEC at 70%. Another reason we give spot bitcoin ETF approval 50% chance is our senior legal analyst @NYCStein gives Grayscale a 70% chance of winning case against SEC, who could approve BlackRock's ETF as way to save face using trusted 'adult' TradFi cos & stick it to Grayscale via @JSeyff pic.twitter.com/pHydOcpuQo — Eric Balchunas (@EricBalchunas) June 27, 2023 Balchunas explained that the SEC may look more favorably...

"It's net good news for GBTC shareholders and FUD fighting," said Selkis. According to a new Twitter post by Ryan Selkis, CEO of blockchain research firm Messari, Grayscale Bitcoin Trust's (GBTC) controlling shareholders Genesis Global and Digital Currency Group cannot simply "dump" their holdings to raise more capital. Selkis explained that the restrictions are due to Rule 144A of the U.S. Securities Act of 1933, which forces issuers of over-the-counter, or OTC, traded entities to give advance notice of proposed sales, as well as a quarterly cap on sale of either 1% of outstanding shares or weekly traded volume.  2/ DCG bought nearly $800mm worth of GBTC shares since the premium flipped to a discount in early 2021. DCG's board authorized up to $1.2bn of share purchases across Grayscale Trusts. In light of the current liquidity issues, the remainder is likely on hold indefinitely. — Ryan Selkis (@twobitidiot) November 28, 2022 Based on calculations...

Grayscale plans to buy mining equipment at discounted prices and offer co-investment opportunities to accredited investors. Source: https://thebittimes.com/grayscale-announces-new-arm-to-invest-in-bitcoin-mining-hardware-tbt25711.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam Category: Bitcoin News Post by: TheBitTimes.com