Tag: SEC

Bulls fight to keep Ethereum price above $4K ahead of Friday’s $435M options expiry
Altcoins

Bulls fight to keep Ethereum price above $4K ahead of Friday’s $435M options expiry

Ether (ETH) flirted with its $4,380 all-time high on Oct. 21 but failed to breach it by a few dollars. Some analysts, including independent market analyst Scott Melker, believe that an exchange-traded fund (ETF) approval is the next logical step for the U.S. Securities and Exchange Commission (SEC).My bet is we will see an Ethereum Futures ETF before we see a physical Bitcoin ETF.— The Wolf Of All Streets (@scottmelker) October 20, 2021However disappointed Ether bulls might be, they are likely to score a $78 million profit on Oct. 22's options expiry. Bears were apparently caught off-guard as Ether accumulated a 35% gain month-to-date.Ether price at Bitstamp in USD. Source: TradingViewInvestor sentiment was also positively impacted by the pension fund for firefighters in Houston, which ann...
Bitcoin futures ETF debuts with highest ever first day ‘natural’ volume of $1B
Bitcoin

Bitcoin futures ETF debuts with highest ever first day ‘natural’ volume of $1B

ProShares’ Bitcoin Strategy exchange-traded fund (BITO) saw the highest ever first day “natural” volume for an ETF, with the figure reaching a little over $1 billion by the end of the opening day.It is second overall, tailing just behind the Blackrock US Carbon Transition Readiness ETF which booked $1.16B in volume on its debut in April. The ProShare’s Bitcoin futures-based ETF launched on the New York Stock Exchange (NYSE) on October 19 with an opening price of $40.88. According to data from TradingView, BITO closed the day at $41.94 with a total of 24.313 million shares changing hands, equating to a first-day volume of just over $1 billion.Commenting on the BITO’s opening day performance, Bloomberg’s senior ETF analyst Eric Balchunas tweeted that ProShares’ ETF was arguably the largest i...
SEC Chair Gary Gensler responds to concerns about first Bitcoin-linked ETF
Bitcoin

SEC Chair Gary Gensler responds to concerns about first Bitcoin-linked ETF

SEC Chair Gary Gensler and Proshares CEO Simeon Hyman discussed the launch of the first Bitcoin-linked ETF in a CNBC breaking news segment on Tuesday.Proshares Bitcoin Strategy ETF, also known as BITO, is based on CME Bitcoin futures contracts. CNBC commentator Bob Pisano shared concerns from some investors that BTC futures could deviate from the BTC spot price:“The futures market is a better place for price discovery,” said Hyman. “The CME futures market trades more volume than the largest US crypto exchange. We launched a similar mutual fund on 7/28 and since we launched on Friday, the Bitcoin Reference Rate is up 52 percent, our BTC mutual fund is up 52 percent and the BTC Greyscale Trust is up 37 percent.”The debut of BITO follows announcements that other BTC-linked funds, including Va...
Law Decoded: Best regulation is self-regulation, Oct. 11–18
Analysis

Law Decoded: Best regulation is self-regulation, Oct. 11–18

Between fever-pitch anticipation over the impending approval of a Bitcoin exchange-traded fund, the Commodity Futures Trading Commission’s $42-million-plus settlement with Tether and Bitfinex, and Vladimir Putin brooding over cryptocurrency’s capacity to transfer value, this past week has been saturated with major policy news. While all the above are instances of state figures’ and institutions’ top-down actions and statements on digital assets, an arguably even more interesting tide has emerged on the side of the crypto industry itself.Two major players of the digital space, Coinbase and a16z (Andreessen Horowitz), came forward with proposed visions for regulating internet-native economic activityBelow is the concise version of the latest “Law Decoded” newsletter. For the full b...
Next Bitcoin price crash will be ‘shallower’ than 80%, says Pantera Capital CEO
Bitcoin

Next Bitcoin price crash will be ‘shallower’ than 80%, says Pantera Capital CEO

Bitcoin (BTC) market's tendency to crash by over 80% after logging strong bull runs might come to an end.That is according to a new report published by California-based hedge fund Pantera Capital. In detail, the report notes that the recent periods of BTC price drops have been less severe than in the past.For instance, in 2013-15 and 2017-18, Bitcoin crashed by as much as 83% after topping out near $1,111 and $20,089, respectively. Similarly, the cryptocurrency's bull run in 2019-20 and 2020-2021 led to massive price corrections. Nevertheless, the scales of their retracements afterward were -61% and -54%, respectively.Bitcoin bull and bear markets across the history. Source: Pantera CapitalDan Morehead, the chief executive at Pantera Capital, highlighted the consistent drop in selling sent...
BREAKING: ProShares follows Valkyrie in approval for listing Bitcoin Strategy ETF
Bitcoin

BREAKING: ProShares follows Valkyrie in approval for listing Bitcoin Strategy ETF

The U.S. Securities and Exchange Commission has accepted the registration request for ProShares’ Bitcoin Strategy ETF, with the shares to be listed on the New York Stock Exchange’s Arca.According to an Oct. 15 notice from the Securities and Exchange Commission, or SEC, the agency has accepted the registration of securities from ProShares Trust’s Bitcoin (BTC) Strategy exchange-traded fund, which offers exposure to the crypto asset with futures contracts. In addition, ProShares filed a post-effective amendment prospectus, which states its ETF could launch as early as Oct. 18.The assets will be listed on the NYSE Arca should the SEC officially approve the application. Bloomberg analyst James Seyffart reported that ProShares Bitcoin Strategy ETF would be listed with the ticker symbol BITO wit...
Traders celebrate Bitcoin’s impending ETF, but options markets are less certain
Bitcoin

Traders celebrate Bitcoin’s impending ETF, but options markets are less certain

The United States Securities and Exchange Commission, or SEC, is expected to rule on Oct. 18 whether to approve an application from asset manager ProShare Capital Management for a Bitcoin exchange-traded fund (ETF). As previously reported by Cointelegraph, SEC Chairman Gary Gensler recently suggested that the regulator is more inclined to approve indirect-exposure Bitcoin futures ETFs under the Investment Company Act of 1940.On Oct.15, the Nasdaq Stock Market certified the registration of Valkyrie's Bitcoin Strategy ETF shares for listing. The deadline for the SEC to officially approve Valkyrie's ETF application is Oct. 25, but this could be extended to Dec. 8.$70,000 call options see their implied probability hit 25%Two weeks ago, it would have been a daunting task to find an investo...
BREAKING: Nasdaq listing hints that the SEC may soon approve ETF application from Valkyrie
Bitcoin

BREAKING: Nasdaq listing hints that the SEC may soon approve ETF application from Valkyrie

The United States Securities and Exchange Commission, or SEC, may soon approve an application from crypto-asset manager Valkyrie for a Bitcoin (BTC) exchange-traded fund, or ETF, with the shares to be listed on the Nasdaq Stock Market.According to an Oct. 15 notice from the SEC, the agency has accepted the registration request for shares of Valkyrie’s Bitcoin Strategy ETF for listing on Nasdaq. In a letter from Nasdaq’s vice president of listing qualifications, Eun Ah Choi — filed the same day — the exchange said Valkyrie’s Bitcoin ETF shares had been certified.Related: New tickers and ARK filing shows Bitcoin futures ETF approval imminent: AnalystIn its Aug. 11 prospectus with the SEC, Valkyrie said its Bitcoin Strategy ETF would offer indirect exposure to the crypto asset with ...
CME Bitcoin futures open interest hits 8-month high, greater than when BTC price was at $65K
Bitcoin

CME Bitcoin futures open interest hits 8-month high, greater than when BTC price was at $65K

Open interest (OI) for Bitcoin (BTC) Futures trading on the Chicago Mercantile Exchange (CME) inched toward a new record high Thursday as BTC reclaimed its five-month high of $58,550 on BitStamp.The total number of outstanding derivatives contracts on CME Group's Bitcoin Futures market reached $3.22 billion, according to data provided by ByBt.com, just $40 million below its record high logged in Feb 2021. Nonetheless, the OI came out to be higher than it was at the Bitcoin price's peak in mid-April.In detail, the Bitcoin Futures OI on CME was $3.02 billion on April 14, the day on which the BTC price—nearly reached $65,000. But on Thursday, the OI was more than 6% higher than the readings from mid-April, even as the BTC price wobbled inside the $57,000-$58,550 price range.CME Bitcoin Future...
Bitwise applies for ‘actual’ Bitcoin ETF with NYSE Arca
Bitcoin

Bitwise applies for ‘actual’ Bitcoin ETF with NYSE Arca

After almost two years, Bitwise Asset Management has once again applied with the United States Securities and Exchange Commission to create a Bitcoin exchange-traded fund (ETF). In a Thursday Twitter announcement from Bitwise chief investment officer Matt Hougan, the investment firm will be pursuing a Bitcoin (BTC) ETF with NYSE Arca that holds “actual BTC,” and not derivatives or other indirect exposure to cryptocurrencies. According to Hougan, the Bitwise team has spent more than two years analyzing the firm’s ability to “surveil and enforce” any attempts at manipulation and concluded that the Chicago Mercantile Exchange, or CME, is a “regulated market of significant size” for the crypto market.“The market has matured,” said the Bitwise CIO. “An actual BTC ETF can now be approved.”T...