Fun

News Feed - 2023-10-29 05:10:10

William Suberg15 hours agoFirst Bitcoin ETF trades $1.5B as GBTC ‘discount’ echoes $69K BTC priceProShares and Grayscale lead a surge of activity in Bitcoin investment products, with analysis confident of implied demand for a spot Bitcoin ETF.31590 Total views119 Total sharesListen to article 0:00Markets NewsJoin us on social networksBitcoin (BTC) institutional investment vehicles are seeing a major volume boost as excitement over possible United States regulatory changes takes hold.


Data from resources, including Bloomberg, showed Bitcoin exchange-traded funds (ETFs) and others nearing record weekly inflows.BITO, GBTC trade $2.5 billion 


Hints that the U.S. might soon allow a Bitcoin spot price-based ETF have not only impacted BTC price action — the surrounding ecosystem has benefitted in kind.


In addition to exchanges and mining firms, embattled institutional investment options are also seeing a resurgence in demand.


As noted by Bloomberg senior ETF analyst Eric Balchunas, at least two household names saw “notable” volume in the trading week through Oct. 27.


Among them was the ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to get the green light in the U.S. in 2021.


“$BITO traded $1.7b last week, 2nd biggest week since its wild WEEK ONE,” Balchunas wrote in part of commentary on X (formerly Twitter).


He noted that the stalwart Grayscale Bitcoin Trust (GBTC) fetched $800 million in volume, helping reduce its discount to the Bitcoin spot price to two-year lows.


“That’s $2.5b (top 1% among ETFs) into two less desirable methods (vs spot) for exposure = while we think spot ETFs unlikely to set records on DAY ONE, clearly there’s an audience,” the X post concluded.Notable: $BITO traded $1.7b last week, 2nd biggest week since its wild WEEK ONE. $GBTC did $800m. That"s $2.5b (top 1% among ETFs) into two less desirable methods (vs spot) for exposure = while we think spot ETFs unlikely to set records on DAY ONE, clearly there"s an audience pic.twitter.com/6bFYtE0UoR— Eric Balchunas (@EricBalchunas) October 28, 2023


Others also picked up on the data, with William Clemente, co-founder of crypto research firm Reflexivity, describing ETF trading as “back in full steam.“Legacy finance could “know something we don’t yet”


As Cointelegraph reported, GBTC has seen a remarkable comeback in recent months, even prior to BTC/USD gaining 15% last week.


Related: US court issues mandate for Grayscale ruling, paving way for SEC to review spot Bitcoin ETF


Legal victories on the long road to gaining permission to convert GBTC into a spot ETF provided kindling, and Grayscale’s product now trades with an implied share price, which is just 13.1% below the BTC spot price.


Per data from monitoring resource CoinGlass, this is the lowest since November 2021, when Bitcoin itself was at all-time highs.


“The GBTC discount keeps narrowing,” popular Bitcoin and altcoin trader Mister Crypto meanwhile responded.“Maybe TradFi knows something we don’t know yet...”GBTC premium vs. asset holdings vs. BTC/USD chart (screenshot). Source: CoinGlass


Despite this, investment management firm ARK Invest has reduced its GBTC holdings in step with the share price gains.


While ARK itself plans a Bitcoin spot ETF launch, GBTC now accounts for 10.24% of its ARK Next Generation Internet ETF — its first change since November 2022.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# ETF# Markets# GBTC# GrayscaleAdd reactionAdd reactionRead moreWhy the 2024 Bitcoin halving may play out differently than in the pastBitcoin is evolving into a multiasset networkBitcoin price gets new $25K target as SEC decision day boosts GBTC

News Feed

CoinSpot Is Ideal Starting Point for Australian Investors to add Crypto to Portfolios in 2021
CoinSpot Is Ideal Starting Point for Australian Investors to add Crypto to Portfolios in 2021 PRESS RELEASE. As the most trusted platform to buy, sell and exchan
Solana Rallies Into Pivotal Zone – $180 Level Could Define Next Move
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Worldcoin partners with Alchemy to build blockchain infrastructure
Savannah Fortis8 hours agoWorldcoin partners with Alchemy to build blockchain infrastructureWorldcoin revealed a partnership with Alchemy to build out infrastructure for its blockchain World Chain, which is also the new
Savannah Fortis13 hours agoLondon Stock Exchange seeks digital assets directorIn a LinkedIn job posting, the London Stock Exchange Group says it’s seeking a digital assets lead with a passion for digital assets, crypto
Marcel Pechman11 hours agoBitcoin price falls under $30K as macro and regulatory worries take center stageAs investors’ euphoria over Bitcoin subsides, regulatory and macroeconomic headwinds resurface to negatively imp
Bitcoin Difficulty Increases 6% — It’s Still 48% Easier to Find BTC Blocks Than It Was 30 Days Ago
Bitcoin Difficulty Increases 6% — It"s Still 48% Easier to Find BTC Blocks Than It Was 30 Days Ago As expected, Bitcoin’s mining difficulty increased thi
Validator Entry Thresholds on the Decline as Cloud-Based Staking Challenges Surmounted
Validator Entry Thresholds on the Decline as Cloud-Based Staking Challenges Surmounted Through the novel use of hardware security modules in conjunction with a c
Reversing layoffs of 2022? Crypto exchanges are adding staff members
Turner Wright4 hours agoReversing layoffs of 2022? Crypto exchanges are adding staff membersKris Marszalek reportedly said Crypto.com planned to “slowly, thoughtfully, and strategically” add new staff members as part
Elisha Owusu Akyaw11 hours agoHashing It Out: Roofstock onChain vice president explains how Web3 and real estate interactSanjay Raghavan believes that the tokenization of real estate could bring Web3 adoption and provide
Meme Coin Market Cap Loses 3.5%, Top 2 Leaders Dogecoin, Shiba Inu Shed Billions
Meme Coin Market Cap Loses 3.5%, Top 2 Leaders Dogecoin, Shiba Inu Shed Billions While crypto-asset markets have shed billions during the last week, the top meme tokens coins by ma
Bank of America Patents Method Using Ripple Technology
A non-utility patent filed by Bank of America has Ripple fans in high spirits today. The patent, which is dubbed “Real-time net settlement by distributed ledger system,” directly references Ripple’s di
Ciaran Lyons3 hours agoCybersecurity expert backs Sen. Warren’s crypto bill in Senate hearingIn a recent U.S. Senate hearing, a cybersecurity professional openly endorsed Senator Elizabeth Warren’s Digital Asset Anti