Revised S1 Filings for Bitcoin ETF Submitted by BlackRock, Hashdex, and Pando Asset

Bitcoin ETF Approval Nearing

The first spot Bitcoin ETF in the US market is set to receive tentative approval soon, with BlackRock and other major players working to meet SEC requirements. On Friday, December 22, BlackRock, Hashdex, and Pando submitted their revised S1 filings to the SEC.

BlackRock Proposes $10 Million Seed Funding

BlackRock has filed updated S-1 filings for its spot Bitcoin ETF, proposing a $10 million seed funding injection. While this funding does not guarantee an immediate launch, it indicates that the ETF may be ready for launch in the near future.

BlackRock also plans for a $3 million seed funding next week for its Bitcoin ETF. Michael Saylor of MicroStrategy Inc. believes that the approval of the spot Bitcoin ETF could trigger a “demand shock” in the market, providing a compliant investment channel for crypto investors.

Concerns Over Spot Bitcoin ETF Approval

BitMEX founder Arthur Hayes raises concerns about the potential approval of spot Bitcoin ETFs by the SEC. He warns that if traditional finance asset managers like BlackRock achieve excessive success with these ETFs, it could lead to the destruction of Bitcoin.

Predicted Bitcoin Price Rally

The anticipation of the Bitcoin ETF has led to a price flirtation around $43,500. Analysts like Michael van de Poppe predict that the Bitcoin price rally could continue up to $50,000, with a peak expected in January 2024.

Crypto analyst Ali Martinez notes that as Bitcoin’s price rises, there is a noticeable decline in the Estimated Leverage Ratio. This suggests that traders are reducing their leverage risk and taking a more cautious approach in the cryptocurrency market.

Hot Take: The Impact of Bitcoin ETF Approval

The potential approval of the first spot Bitcoin ETF in the US market has generated significant excitement and speculation. While some believe it could lead to a demand shock and further price rally, others express concerns about the consequences for Bitcoin’s future. As we await the SEC’s decision, the crypto community eagerly anticipates the outcome and its potential impact on the market.